Before starting the home buying process thereâ??s some basic steps we recommend to help you get the best rates and deals.

Applying for a home loan is important. Most Realtor’s won’t show you homes without a letter from a creditor showing how large a home loan you will qualify for. But ideally, you should work on your home buying project long before you actually apply for a loan and start the process of actually buying a home.

According to a survey taken by the National Association of Realtors most buyers take eight weeks to actually shop for and purchase a home. So donâ??t panic and think it will take months and months to find a home. It’s more important for you to spend some time on your financial prep work before to ensure the best home buying experience and before you apply for a home loan. Find Out About Any Home Buying Incentives Available To You

Tom Johnston a local Phoenix realtor advises people to start to talk to a local Realtor as much as six months ahead of time. Tom says, â??Most realtors have a good handle on the programs available, and there are a lot of cool programs for the first time buyerâ?.

For example Johnston says some of the local city governments will offer interest rate or down payment subsidies to buyers that agree to buy a home in certain areas.

In fact, a good friend of mine purchased a home in Peoria, AZ because the city offered her a grant of $15,000 for being a first time home buyer! That translated to a lot less money per month in house payments.

Also governments or employers may subsidize teachers, fire fighters, police officers, nurses and other service professionals who have difficulty affording a home in high-priced communities. Many hospitals that are trying to recruit and retain nurses, might offer a down payment loan, which is forgiven and turned into a grant if that nurse remains employed at the hospital for several years.

So before you start the home buying process, contact your local chamber of commerceâ??s or talk to a Realtor to see if there are any incentives in the various cities around you, then concentrate on homes in those areas.Get Your Credit In Shape: Order Your Credit Reports

Before even thinking about home buying, everyone should order their credit report (from all 3 bureaus). It is imperative that you do this before you apply for a mortgage loan and begin searching for a home. You will want to check the reports for errors now. It is reported that 79% of credit reports contain errors and it is your responsibility to find and remove these – not the company that put the erroneous ding on your credit in the first place.

If you want to see all three reports you can order them from any number of sources or you can go to our website: http://www.1-800BadCredit.com and follow the link. Donâ??t forget to order your FICO score too â?? that isnâ??t included with your free report.

We also recommend that you protect yourself against Identity Theft. According to the FBI this is the fastest growing crime worldwide. If you know anyone who has had their credit stolen then you know the horrible time you are in for if this happens to you. If you think it canâ??t happen to you, youâ??re mistaken. It recently happened to Michael Bloomberg the billionaire Mayor of New York City. It can happen to you also. We have information about this service also on our site â?? check it out.Pay Down Your Credit Cards But DO NOT Cancel Any Cards!

While paying down your credit card balances will improve your financial picture and score, this is not the time to close credit accounts because reducing the amount of credit available to you can actually lower your credit score.

Also, when applying for a home loan lenders look at longevity with a creditor as a sign of stability. In other words if you have the same cards for 10 years vs. all new credit in the last 6 months.

Jumping from credit card to credit card does not show the banks that you know how to handle “long term debt” responsibly. Donâ??t assume you should just get rid of your credit cards because you think you have too many. It will improve your credit picture however to pay the balances down.Get Your Financial Paperwork Organized

Before you start the home buying process and apply for a loan, collect all the financial documents that a lender will need when you submit your application. These documents will also help you put together a realistic budget and figure out your monthly payments for mortgage principal and interest, plus property taxes and insurance.Documents To Gather When Buying A Home:

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The following are not your usual home buying tips. For example, almost everyone will tell you that you should buy a home, but the first tip below suggests an alternative.Consider Renting

This is all about time and place and your own situation. Are you going to be in one place for long? If you are likely to move within a few years, you may be better off renting. Transaction costs of buying and selling will likely eat up any equity gains you get. It may seem profitable to buy at $200,000 and sell at $220,000 two years later, but commissions, closing costs and loan costs can easily add up to $20,000, so where is the gain? Also, there is no guarantee that prices will rise, and if they don’t you suffer a real loss.

Also, it is a matter of the ratio between rental rates and the costs of buying, and what is likely to happen in the market. For example, suppose you are in a slow-growing stable area, and your total monthly cost to buy a home is going to be around $1,200. If rent is anywhere near that for the same size home, you should probably be buying a house.

On the other hand, let’s look at the example of Tucson, Arizona in late 2005. You could buy a small home for about $190,000, with mortgage, taxes and insurance running about $1,325 per month. But you could rent the same home for just $675 per month. Now add to this the fact that home prices had been rising at 20% or more per year for years, and 12% of all recent sales were to speculators, not owner-occupants (a sure sign of a market top).

In this case, it would have made more sense to rent. Had you bought there two years ago, you would have paid $650 per month extra to be a home owner, or $15,600 over these last two years. In addition, the house would probably be worth a little less now than when you bought it. Better to have banked that $15,600 and bought the home today.Other Home Buying Tips

Compare ALL costs when you look at various homes. It is easy to consider just the price of a home, or what that means in terms of a mortgage payment. However, there are other costs. If the home is in a flood zone, for example, insurance could be $200 per month higher than for other homes. Look at taxes, insurance, utility costs (big homes cost more to heat) and any other regular costs, so you can honestly compare houses according to what they will cost you monthly.

Go to online forums to learn about a new town. Many people like to talk about where they live. They get to do this in various online forums, which you can search for by entering the name of the town and “forum” into any search engine. Be aware that these are often places where locals complain about their town, but you can also find interesting and useful information, and ask questions.

If your real estate agent doesn’t represent you, don’t be loyal. If she is really a seller’s agent, she is obligated to pass on comment you make to the seller, like “I think we can go higher if they reject our first offer.” Even if she represents you, be sure she does it well. If you are shown three houses that have nothing to do with the criteria you laid out, show the agent the door. By all means stick with a good agent who really helps you, but otherwise you can also call the listing agent for each house you want to see.

Inspect the home yourself. You probably plan to have a home inspection done by a professional before you buy. But you should also visit the home a second time yourself, and do your own inspection. Bring a checklist and look over everything, even if this takes an hour or more. In this way you can tell the professional inspector what your concerns are, and be ready with questions for him.

There is another reason to do this inspection. It has to do with a concept called “time investment.” Sellers are more likely to accept an offer if they have invested more time and hope into a buyer. Negotiation secrets like this are a whole other area of home buying tips – one that you may want to learn about.