Things to Know Before You Buy a Home: Part 1 – What’s Your Number?

Before you start touring homes in Lakeville, Apple Valley, Eagan, Burnsville, Bloomington, or anywhere in the south metro, there’s one critical number you must know: What can you actually afford? This single number determines everything that follows in the home buying process 2026.The Three Numbers Every Buyer Must Know

1. How much home can you be approved for?
   This is the maximum loan amount a lender will give you based on your income, credit score, debts, and down payment.
2. What monthly payment feels comfortable for your budget?
   Approval is one thing—living with that payment long-term is another. Many buyers get approved for more than they can comfortably afford.
3. What is your realistic target price range?
   This is the number you’ll actually shop within, balancing what the bank says with what your lifestyle can support.

The Most Common (and Costly) Mistake Far too many buyers start shopping before they’re pre-approved. They fall in love with a house over the weekend, only to discover on Monday that they can’t qualify for the loan—or the monthly payment is too high. Meanwhile, the pre-approved buyer (who did the work first) submits a clean offer and wins the home. Build Your Team First Before you look at a single house, assemble your core team:

• Mortgage loan officer (get pre-approved)
• Real estate agent (Lakeville, Apple Valley, Eagan, Burnsville, Bloomington, or south metro)
• Home inspector (for later in the process)

Getting pre-approved first does two powerful things:

• You know exactly what you can afford.
• You can move quickly when you find the right home—sellers and listing agents love pre-approved buyers.

Why This Step Matters in 2026Interest rates are fluctuating, inventory is still tight in many south metro neighborhoods, and strong offers win. A buyer who is pre-approved, knows their number, and has their finances in order is always in a stronger position than one who is still “just looking. ”Take the time upfront. It’s not the fun part, but it’s the part that protects you and gives you confidence when the right home appears. Ready to get pre-approved and start your home search the right way?
Text or call me today for a free, no-obligation consultation. Tom Sommers, Coldwell Banker Realty — serving Lakeville, Apple Valley, Eagan, Burnsville, Bloomington, and the entire south metro. Let’s get you in the best possible position to buy in 2026.