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1. Six months before you plan to buy a home, check out your credit report. If you find any problems or errors on it, take steps immediately to clear them up. A good credit rating can mean a lower interest rate and a lower payments for your new home. 2. Talk to a lender--before you start house-hunting-- to find out the amount of a loan you can qualify for. You can save a lot of time by knowing from the outset what price range you can afford in a home. And in today's financial world, you will probably need 10% to 20% down. 3. Be careful about applying for home loans from several lenders -- and it is oh-so easy to get carried away on the internet. Comparing rates and terms from two or three lenders is fine. IMPORTANT: Be sure to get a written "Good Faith Estimate" from each lender. It is a document required by federal law and can protect you from any changes or added "surprise" fees when your loan closes. 4. Make up a "Dream Home" list before you start. Be sure to include how many bedrooms, how many baths, one-story or two-story, how many garages, the overall size of home, and what part of the Valley you want to live in. Then decide if you want a pool, a home near a park or near schools, or any other features that are important to you. 5. Once you start looking for a home, do not go out and buy a car or new furniture on credit. These actions may have a negative effect on your credit rating -- to the point where the lender may cancel your already approved loan! To find out who pays for what fees and costs, click here. You can take an online tour of the Santa Clarita Valley by clicking on these links:
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