Earlier this month, the Fed released results of a survey showing that mortgage lenders had tightened their lending standards. "About 40 percent of respondents indicated that they had tightened their lending standards on prime mortgages, compared with only about 15 percent that reported having done so in the July survey."

From Citigroup's Chuck Prince, to the homeowners next door, the credit crunch seems to be affecting all of us. If you're planning on buying a home now (which isn't a bad idea, there are some great deals to be had), getting a loan will be more difficult now than it was this time last year.

More difficult, but not impossible.

Now, it's more important than ever to mind your p's and q's when you're looking for, and applying for a mortgage. So you're protected and so you maximize your chances of getting a good loan.

Obviously, I'm not a mortgage lender. But when I work with home buyers, I offer them four basic pieces of mortgage advice:

Must-Do #1: Decide how much you can comfortably afford to pay each month

When thinking about your different mortgage options, make sure that you'll feel comfortable with the monthly payment in any scenario. Your mortgage lender will be able to help you determine how mortgage loan amounts translate into monthly payments. You can also use Bankrate's online mortgage payment calculator, available at www.bankrate.com.

Must-Do #2: Get the best mortgage given your unique situation

To decide which mortgage will be best for you, follow these 5 steps:

Educate yourself on the differences between fixed rate mortgages and variable rate mortgages.

Ask yourself: How long am I planning on owning this home? If you plan on being there for the long haul, a fixed rate mortgage may be your best bet.

Understand how current interest rates compare to historical rates. If interest rates are low compared to historical standards, now may be the time to lock in a fixed rate, unless you're sure that you'll be moving in the next few years.

Think about your risk tolerance. Fixed rate loans are the least risky.

Analyze your budget as well as the difference between current fixed rate interest rates and variable rate interest rates. If the difference is small, the added risk may not be worth the savings.

Must-Do #3: Get a mortgage pre-approval before you start house hunting

You'll get a better mortgage - and a better deal on your house - if you get a pre-approval from a lender before you start house hunting.

Buying a house is a big decision. And choosing the right mortgage can save you thousands of dollars, many sleepless nights, even your home. So why do it by yourself?

To read more about each of the 4 must-dos for mortgage financing, visit http://myphoenixmls.com/4-mortgage-must-dos.asp.