Do These 7 Things Before Applying for a Loan

Buying a house requires a loan for most people. Image source: Getty Images.

While television commercials can make it seem like getting a mortgage requires just a few clicks of a button, that's rarely the case in reality. For most people, securing a loan to buy a home takes time, and means intense scrutiny from the institution doing the lending.

It's not an overly pleasant project -- getting approved for a loan involves having you full financial picture scrutinized. The bank or other lending source will look at your income, your savings, your debt, and your bill-paying history.

Source: Fool.com