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and start jumping hoops before they find a house they like. In troubled mortgage markets, lenders take more precautions before lending money. Lenders must be certain that a borrower is creditworthy which requires quite lengthy application process and documentation verification. Given the changing guidelines, it's important for a buyer to cross this hurdle first. In the Charleston market, many of the lenders I'm working with are putting the file into underwriting upon receipt of all documents. This has saved a few borrowers when guidelines changes. Since the file was in underwriting they were grandfathered in so to speak assuming a ratified contract followed soon. Without this step completed, a seller will not consider a contract without a pre-approval. If the property is a hot buy for you, it probably is for another buyer and you could be losing the opportunity on your dream home due to a delay in getting the necessary documents to your lender and the time they need to review it. It's important to have a full pre-approval in hand. When you find the right house, you'll be thankful you have it in hand. 
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I can't stress this enough to my buyers! I just closed a sale this morning (as we speak actually) for a buyer who's transaction should have closed 2 1/2 weeks ago. Because the buyer was dragging his feet getting approved for the loan we had to enact an extension into the contract and even then, because the lenders are so tough on borrowers these days, they came up with half a dozen more conditions before closing. Thank goodness we were able to get those quickly or we'd be delayed another couple weeks.
If my buyer had been preapproved prior to putting in that offer, we might have been done on time or even before the proposed closing date. There is a saying that comes to mind in regard to this situation, "Don't put off for tomorrow what you could do today."
Thanks for sharing, Nicole Weidauer
The Egerer & Weidauer Team, Keller Williams Realty North Seattle