Getting Organized
To find the best deal, you may have to visit more than one mortgage broker or bank. You will need to file an application, then wait for loan approval. It is a good idea to obtain loan approval and qualification, before beginning the search for a new home.

To streamline the process and improve your chances:

• Order a copy of your credit report. The mortgage broker will also order a copy, but you should see it first. This will give you a chance to clear any credit problems before you submit the loan application.

• Organize your recent tax returns and financial documents. The lender will need your financial information to determine how much you can borrow. If you don't have all the paperwork, you can get copies by contacting your tax-preparer, and any other people who deal with your personal finances.

Getting Qualified
Qualify for a loan before you start shopping for a home.

If you take the time to get qualified prior to your search:

• You will know how much you can borrow, so you don't waste your time looking at properties you can't afford.

• You will have an edge when you make an offer, because the seller knows you're qualified to get a loan and close the deal.

• You will save time when you file your loan application, because you've already assembled the required paperwork.

• Perhaps you should contact at least three lenders. They will qualify you based on their current rates and loan programs. Be aware that lenders may persuade you to choose a loan immediately.

• Perhaps you should talk to at least two mortgage brokers. They will qualify you after reviewing the loan plans offered by all the lenders. You may have to pay a fee and may be persuaded to make an immediate decision.