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Preparation

First thing you want to do is search for a home loan you can afford.  For some buying a home, even those who are refinancing their current home or trying to obtain a real estate equity line of credit can be challenging.  Not only to qualify but to get the best most accurate information on financing.  You can make this process a little easier by doing a few things to help the process along.

Get all of your financial docs together and place in a folder.  This folder should include:

    * Financial statements
    * Bank accounts
    * Investment records
    * Credit card information
    * Auto loans
    * Recent pay stubs
    * Tax returns for two years

How is your credit rating?  Lenders base a borrowers trustworthiness to repay a loan through credit rating. Lenders browse credit history looking for open loans, lines of credit, deliquencies and write offs.  It's important to check your credit for accuracy.

Think about down payments, closing costs and additional costs and expenses when owning a home.  Its important not to increase any of your expenses when considering to buy a home.

Don't change careers or quit your job if you are considering financing a home.  Any sudden changes should be mentioned to your lender or mortgage broker before you do it! 

For additional information about home loans contact Morris & Co today.