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[ShanetheMortgageMan]

I'd definitely recommend you get pre-approved before you start seriously looking for a home, although it is good to have a general price range in mind when you go to get pre-approved though.  Online loan calculators can be waaay off, they assume a pretty low debt to income ratio as the basis of how much one can qualify for... which isn't a bad thing as it's better to be conservative than not, but they still aren't very accurate to the "real world".

A mortgage broker is a loan officer who has relationships with many lenders, so rather than going directly to Wells Fargo, you can go to a mortgage broker who could check out Wells Fargo, Chase, SunTrust, Wachovia, WaMu, etc., without you having to do the leg work.  There is no upfront fee to use a mortgage broker, brokers get paid when the loan closes (either from you by charging fees, or from the bank, or a combination of both).  A mortgage broker can help you with the pre-approval process.

A buyer's agent is a real estate agent who specializes in helping buyers only, usually are real good at the art of negotiation, and are very aware of what homes have been selling for in their area of expertise.  Typically agent's like to work with buyer's who have been pre-approved, so when a home has been found they know that no one's time is being wasted by making an offer, in case you can't qualify.  A buyer's agent also gets paid when the home purchase is closed on, their fee is built into the sales price and is paid by the seller at closing.

Costs you should anticipate to come out of pocket for are an appraisal ($300-400), a home inspection (~$300), and sometimes a survey ($200-300) as well.  You can choose to pay your 1st years homeowners insurance premium out of pocket, or it can be paid at closing (the loan officer and insurance agent would arrange that) by the closing agent (attorney or escrow officer) collecting it from you, and disbursing it to your insurance agent that way.

Your scores are pretty solid, so as long as you buy a home that can be supporting by your DTI you should be in good shape.

[Anonymous]

Shane - I know it's impossible to say with certainty what mortgage brokers charge, but do they generally charge a flat fee that varies, or is it a % of the loan, or some other fee structure?  Just trying to get an idea of whether it's worth it to do the leg work myself (which I don't mind) or to go through a broker or both.  Thanks. 

[ShanetheMortgageMan]

A broker's fee plays into things, but if you can get a better deal (in terms of rate & fee combination) by going through a broker than going "retail" then it shouldn't matter what their fee is.  It'd be worth comparing both what a broker can get you and what you can seek out on your own.  Generally it's a percentage of the loan though.