With lending agencies scrutinizing your financial affairs, shopping for a mortgage loan can be an anxiety producing experience. Faced with the biggest debt you will assume in a lifetime, it is wise to do your homework when preparing to apply for a loan.

Before you submit an application that will spotlight your credit history, make certain you can do so with confidence. Surprisingly, many people simply hope their credit scores are adequate without taking the time to make certain. Credit reports may contain inaccuracies that can affect your credit worthiness, so request a copy of your report and review it with your mortgage officer.

Don't be tempted to borrow more than you can comfortably afford, even if the bank is willing to loan it to you. First time buyers particularly might be inclined to assume more debt than they can manage. A good rule of thumb is to limit your total debt, including housing costs, to 40% of your income.