A home purchase is very important which is why you need to prepare for it. However, before you go house hunting, it is essential that you prequalify first. Prequalification is essential because this will give you an idea of your price range. How much will you be able to afford? Once you know this, you will no longer be wasting time looking at homes that you will not be able to buy. Such activity can be heartbreaking and tiring. You will be able to get a prequalification letter from your lender once you present the requirements needed by the lenders.