Q. Iâ??m looking for a mortgage. Do you recommend that I get preapproved by more than one lender?

A. No. Just fill out one application from a reputable bank or mortgage company. It will ask how much you make, how much you've saved and how much you owe on everything from cars to school loans to credit cards.

The lender will assess that, check your credit report and scores and reply with a letter saying whether you've been preapproved and for how much. That will give you a good sense of how most banks and mortgage companies will judge your creditworthiness.

If you're rejected or approved for a far smaller loan than you think you deserve, it's a good indication that your finances aren't as strong as you thought or that there's a problem with your credit reports. Our advice on how to get preapproved will give you more tips.

Just remember that a preapproval will provide the upper limit for how much you can borrow, not how much you realistically can afford. Most buyers should, and do, spend less. Our mortgage calculator on how much home you can afford will provide a better assessment based on your income and debts.

When you get ready to buy a home, that's the time to get serious about shopping around and finding the best possible interest rate and terms. Our advice on how to find the best deal will walk you through the mortgage process.