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Buying your new home is exciting. Moving in to your new dream home is exhilarating.

Getting a mortgage to finance your dream home is not fun or exhilarating. It's a drain even with good credit and a bank full of money.

Before shopping for your new home, find a mortgage professional whom you trust - rely on him or her to help make your new dream home a reality.

Should you allow lenders to compete for your business, understand that each lender competing for your business will pull your credit reports and lower your credit scores.

Of course, your scores are not supposed to fall as a result of credit pulls when shopping for a mortgage; however, the reality is that your scores do suffer.

Rodney P. of Orlando, FL, had found his family's dream home. His wife and he received loan commitment and anxiously began packing and looking forward to their new home. A few days before closing, Rodney's mortgage broker called him with bad news. The lender retracted loan commitment, citing revised qualifications for the loan program for which Rodney and his wife had applied.

"They told us we qualified...we get all excited...and they pull the rug out from under us," Rodney stated. "Of course we're devastated. My wife is crying...my kids are crying. I'm angry that they told us yes then told us no. That's not right."

Tomorrow, qualifying conditions may get even more rigorous.

"I started the loan process with a 619 and fell to a 589 when we got rejected right before closing. All of this happened in about a month's time," said Rodney.

Once you're comfortable with your mortgage professional, get pre-approved. What can you afford and what type of home loan do you want.

Your mortgage professional will take time to listen to your needs and fears about mortgage financing.

Generally, borrowers with a middle credit score of 650 or lower are considered subprime. With some lenders, albeit fewer by the day, an acceptable middle score is ~620; however, that is fast being replaced with a middle score of 650.

Those with scores from 650 to 720 are in a mid-grade (between subprime &prime) category and are considered more favorable risks.

The best rates and terms go to "prime" borrowers with middle credit scores above 720 - these borrowers typically negotiate the best rates and terms.

Want to buy a home but can't or don't want to put down a down payment? To get 100 percent financing (that is, 100% of the cost of the home is available generally only to people with credit scores of 680 and higher).

Not long ago, mortgage professionals could offer 100% financing to borrowers with a middle credit score as low as 560 to 580.

Perhaps now more than ever, you must understand mortgages - you cannot rely on your mortgage broker or loan officer to look out for your best interests.

The general belief is that mortgage brokers shop among many lenders for the best loan deal for you. But the broker often makes more money by selling you a more expensive loan.

The reason why subprime loans -- especially ARMs -- make up such a large segment of the market is simple: greed.

Do you personally know your mortgage broker?

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