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With uncertainty over mortgage rates growing and new Fannie- and Freddie-backed programs rolling out next year, those seeking to buy a home will continue to contend with changing standards. If you're planning to become a homeowner, take these steps before borrowing.
1. Get preapproved. Stay ahead of the game by actually getting preapproved for a loan – not by getting an estimate from a lender. Not sure if you've been officially preapproved? Take note of what your mortgage professional does – if your credit report was submitted to an underwriter, you're in good shape.
2. Don't alter your credit habits. Don't risk hurting your credit score while securing a mortgage. Keep all balances within normal range and avoid opening or closing credit cards – your debt-to-income ratio may suff...
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