Pre-approval vs pre-qualification:
Pre-qualification: based on income, basic factors a bank might pre-qualify very quickly
Pre-approval: this will actually pull credit reports, verify income, bank statements, etc
In a competitive market, a lot of homes require pre-approval, which is a little bit more involved than pre-qualification
It's easiest to get pre-approved for the MAXIMUM that you might spend on a home. However, when you actually put an offer on the home, have your lender write a pre-approval letter for the amount you'd actually spend on the home. It's really easy for them to write a new letter with a lower amount
Buyer's agent:
From talking to homeowners, they've said the area where their agent has added the most value is once they decide to submit an offer on a home
Your agent has a relationship with a lot of other realtors, which means that they can help guide you on your offer as well as all the negotiation steps post-offer. They will also use their experience to help you navigate the steps and make sure you're not making any mistakes that could hurt you in the long-run
Agents can also be helpful during the search process, for example pointing out things within a home that you might not have noticed otherwise. However, they often need to prioritize their time so expect them to be less helpful during the search
Examples of where buyer's agents are beneficial in the later stages of a home purchase:
After home inspection, helping negotiating punch list items
Understanding the laws and regulations within an area and making sure that
Making sure what's written in the contract and the terms are favorable to you as a buyer