Becoming a homeowner is a goal for many. While obtaining your first house is exciting, it can also be quite challenging. The process may become even more difficult if you’re not quite sure what to do or the important steps to take. Having a great score on your credit report is important when you’re applying for a mortgage; especially if it’s your first one. It is also important that you maintain a stable income and you’re able to provide a down payment.

Here are 5 excellent mortgage loan tips that will make getting your first house easier:

1. Apply with a stable job
To ensure that you’re able to keep up with your loan payments, you must get a stable job. A common mistake that many first time home buyers make is underestimating the relevance of having regular employment. Mortgages are paid in monthly installments. It is essential that you can meet your monthly repayments to avoid any negative consequences. When you apply with a stable job it initiates a trusting relationship between you and your potential lender.

2. Show a reliable income stream
A key component in guaranteeing that you are eligible for a mortgage is to show a reliable income stream to the lender. Lenders want to know that you are capable of repaying your loan. When you can show a reliable income stream, it is an indication to the lender that you have the means of earning an income so that you can pay them back. Therefore, they will be more confident granting you a loan. Before granting you a mortgage, the lender must assess your monthly sources of income and your debts to decide the mortgage you can afford. Lending partners typically require current pay stubs and W-2 tax forms from the last two years. Having a reliable stream of income puts you one step closer to owning your dream house.

3. Polish your credit report
Having good credit is an indication to lenders that you are a trustworthy borrower. This is why it’s important to polish your credit. By polishing your report, you make yourself more qualified for loans. To polish your report and improve your credit you have to take a look at all three reports. This can be done on AnnualCreditReport.com. Verify that your information on each report is accurate. Experts suggest that a great way to maintain good credit is to use no more than 30% of your available credit.

4. Work with a mortgage loan lender you trust
The most crucial ingredient to make any relationship work is trust. So, the relationship between a borrower and a lender is no different. Your lender must be able to trust you that you will repay the loan. However, it is also important that you trust your lender. When you work with a mortgage lender you trust, it helps you to feel confident that you are getting the best offer and are being treated fairly. This will make the process of getting your first mortgage run smoother.

5. Shop around for best mortgage rates
One of the most crucial tips you must know as a first time home buyer is that you should shop around for the best rates. A common mistake many people make is working with the first lender they meet without doing adequate research to learn about the best rates. You have to compare various mortgage rates to find the one that is most suitable for you.

Buying your first house may be both exciting and challenging. There are certain things you must do to get a mortgage. However, by following the mortgage tips previously discussed, you’ll be ready to purchase your first house in no time.