Advice And Tips For Getting The Right Home Mortgage

If you've decided to buy a house you will either be filled with joy or apprehension. If it's the latter it's probably the thought of borrowing all that money that is the most worrisome. Getting a mortgage can, at first glance seem daunting but if you prepare in advance it can be a relatively painless process. So here goes with 3 tips to ease the way:

1/ Pay up your credit card and other debt.........Yea right! how longs that going to take? ..Well of course it may take a while but if we're in the early stages of planning that's ok.Otherwise try and consolidate the debt into just one card and begin paying more than just the monthly minimum. Some credit card companies will give a lower initial interest rate to transfer debt to them; check around.
If you simply can't wait get mum and dad to pay up your cards and repay them later when you have your new mortgage ( having allowed for that extra amount in the loan total). You will of course pay much lower interest rates on a mortgage than on a credit card so you can afford to pay it off quicker.
The idea here is to impress the mortgage manager of your fiscal resolve.You are going to be one great customer who always pays on time.

2/ Get Pre-approved.....Well why bother you might say "let me find the home first". But hold on. Are you sure you know how much you can spend? How much you can afford to repay each month? There is nothing more dissappointing than finding the perfect home that you simply cannot afford, cus nuttin will measure up after that!...Getting Pre-approved will answer these questions and you will have any problems that might crop up sorted out. Best of all your realtor will love you because you are in a better position to put in a strong offer. Not only that but you will probably buy at a much better price because your offer looks a whole lot more attractive. Ok thats number 2 go to your selected lender and get this process completed.

3/ Don't Overburden Yourself......Ok your pre-approved for a mortgage, you know your maximum spend is lets say $200000. So look at houses between $175000 - $195000.
Hopefully you can buy $10000 - $20000 below budget. Great because now you have freedom to pay for the unexpected. Closing costs, things to buy for the house and garden etc. If your lucky you might now be able to fit in extra lump sum payments to pay off the mortgage loan quicker. By doing that you could save yourself thousands of dollars in interest payments.Imagine a 20 year mortgage payed off in 15 years, wow, how many thousands would that save you.

So go to it... slam the door on wasted rent money and open the way to a sound financial foundation. With the down turn in the real estate market now is a good time to go bargain hunting.

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