Q: We’re waiting to buy a property, but we were preapproved by a lender last summer. We’ve now noticed, though, that sky-high home prices are dropping, and all the reports we see show housing prices dropping. The traditional loan we acquired has expired, and the loan officer is asking us to update the loan approval with current financial documents. Should we reboot our loan approval and home search or wait for the prices and interest rates to drop further?
A: It would be prudent to restart the homebuying process. Your comment — “All the reports we see show housing prices dropping” — is a broad statement, however. In the