Getting a Mortgage: 2

It can be hard to make sure that your credit, or FICO, score is in good shape, but it is possible.  One thing you can do is try your best to pay off all your debts, or at least make arrangements with creditors.  You need to pay all of your bills on time.  You also need to make sure no loans you have are in default.  That will do horrible things to your credit score — but even defaulted loans are possible to quit.

Once you think you are ready to meet the current lending standards, you are ready to move onto the next step. You need to begin by shopping around. Remember, we have just gone through an enormous credit crisis. Banks have definitely been affected, but they have all been affected in different ways. Therefore, the rate you get from one bank will not necessarily be the same as the rate another bank will offer you. A lot of lenders are in a position where they are willing to provide loans at much lower markups — and you can benefit from that.