Buying a home could be the most exciting experience of your life. However, choosing your dream home is different from financing it with the right home loan which is as important as buying your home. So, here are some tips to find the right home loans which can help you easily finance your abode. Check credit score: Having an exceptionally good credit score puts you’re in a commanding position wherein you can negotiate with the lenders for better interest rate deals. So, it’s a good idea to get a copy of your credit report, know where you rank, check if there is any room for improvements and then go for the process of loan application. Start saving for Down payments: Any lender will sanction only 80-85 percent of your loan amount. The rest 10-15% needs to be arranged by the borrower itself. Based on your lender and the loan type you need to save at least 10-15% of the purchase price of your home. Keeping a monthly budget will help you save enough money for down payments. Any increments, incentives, perks should be saved to accumulate enough money for easy margin money payments. Use housing loan calculators: Many times people are confused on the pros and cons of the housing loan. Especially with the principal amount, the interest rate applicable and monthly installment. It becomes difficult to sit down manually and calculate all these details. In case you’re not correct in figuring out the costs it can give a huge blow to your finances. Therefore, leading lenders have introduced calculators that will show you how much your monthly installment would be under different housing prices structure, down payments and interest rate scenarios. Track interest rates: The interest rate will be one of the crux factors to determine the costs of your home loans. Interest rates for loans change almost every day and it would be helpful to know lender is proving beneficial for you and if they are willing to negotiate more on interest rate and give you a cheaper deal for housing finance. Get documentation in place: Before applying for home loans, you should arrange for all the possible documents that lenders will demand you. Having these documents assembled property will accelerate your home loans application. You should at least be handy with photographs, photo identity, address proof, salary certification, business documents and last two years of tax returns, current bank and brokerage statements to apply for the housing loan. Understand your loan requirements: It might be that your best friend has opted for adjustable rate loans. It doesn’t mean you have to choose the same type of loan for you. Some people may like the stability of fixed loan rates, keep their monthly budget accordingly so they will opt for a fixed rate, while others may like the lower initial payment and will choose an adjustable rate. Actually, it’s based more or less on your income source and risk-taking appetite. Every home buyer has its own unique financial situation and you should understand what type of loan best suits you.