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People will tell you that it is much better and more affordable to own your home than to rent it from someone. Owning a home is a dream that everyone has. They want the freedom to paint the walls and remodel different areas of the home to their exact specification without having to ask permission.

The process of buying a home might seem simple enough – but it is one of the most frustrating things you will ever have to do. The hardest and most crucial thing that you have to do is get a home loan.

Find A Lender

It is easy to just go to any lender or mortgage broker that you happen to find in the phone book -but this isn’t the best option. Ask friends, family members, co-workers, and even real estate brokers the best company to go through.

Preparations

On your first visit with the lender you need to bring along your gross monthly income, the total amount of monthly payments you make, your home address, and phone numbers. They will use this information to compare the amount of debt that you have to the income that you make in order to determine the interest rate you will have. The lower the number is the better it will be for you.

Credit Check

You need to give the lender permission to pull your credit report that will give them information on your FICO score. The best score to have in order to get a decent interest rate is 680. If it is lower than this you should think carefully about whether or not getting a loan at this time is a good idea. Weigh the various pros and cons and try to think hard about any other way that you might be able to pay off certain things.

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