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Nick CalvinSampson
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Save Some Money With Your Home Mortgage!



What can I do to get a great mortgage?
How can I find low rates I can afford? What should I know before I talk to any lenders? When do I start the process? How can I find answers to all of these questions and more? Read on for expert mortgage advice.

Watch out for banks offering a "no cost" mortgage loan. There is really no such thing as "no cost". The closing costs with "no cost" mortgages is rolled into the mortgage loan instead of being due upfront. This means that you will be paying interest on the closing costs.


Watch out for banks offering a "no cost" mortgage loan. There is really no such thing as "no cost". The closing costs with "no cost" mortgages is rolled into the mortgage loan instead of being due upfront. This means that you will be paying interest on the closing costs.



Do not go crazy on credit cards while waiting on your loan to close. Your credit score and reports are likely to get checked again in the final few days before finalization, and if there's a spike in new activity, the lender might change their mind. When your mortgage contract has been signed, then you can begin shopping for furnishings and other necessities.



Your job history must be extensive to qualify for a mortgage. A majority of lenders will require two years of solid work history in order to approve any loan. Changing jobs frequently can lead to mortgage denials. You never want to quit your job during the loan application process.


Make extra payments whenever possible. Your additional payments will reduce the principal balance. Making extra payments will help reduce the amount of interest you pay over the lifetime of the loan and this can help pay your loan off quicker.

Stay persistent with your home mortgage hunt. Even if you have one lender rejects you, it doesn't mean they all will. Many tend to follow Freddie Mac and Fannie Mae's guidelines. They may also have underwriting guidelines. Depending on the lender, these may stricter than others.
You can always ask the lender why you were denied. Depending on the reason they give, you can try improving your credit quickly, or you can just go with a different lender.

Some financial institutions allow you to make extra payments during the course of the mortgage to reduce the total amount of interest paid. This can also be set up by the mortgage holder on a biweekly payment plan. Since there is often a charge for this service, just make an extra payment each year to gain the same advantage.



Save up for the costs of closing. Though you should already be saving for your down payment, you should also save to pay the closing costs. They are the costs associated with the paperwork transactions, and the actual transfer of the home to you. If you do not save, you may find yourself faced with thousands of dollars due.



Avoid paying Lender's Mortgage Insurance (LMI), by giving 20 percent or more down payment when financing a mortgage. If you borrow more than 80 percent of your home's value, the lender will require you to obtain LMI. LMI protects the lender for any default payment on the loan.

It is usually a percentage of your loan's value and can be quite expensive.

Make sure that you have a good amount of savings before you get yourself into a home mortgage contract. There are not certainties when it comes to the economy or job stability. To protect yourself you want to have enough money saved to make your payments for many months in case the worst does occur.



Keep on top of your mortgage application by checking in with your loan manager at least once per week. It only takes one missing piece of paperwork to delay your approval and closing. There may also be last minute requests for more information that need to be provided.
Don't assume everything is fine if you don't hear from your lender.

If you can, you should avoid a home mortgage that includes a prepayment penalty clause. You may find an opportunity to refinance at a lower rate in the future, and you do not want to be held back by penalties. Be sure to keep this tip in mind as you search for the best home mortgage available.


Be realistic when choosing a home. Just because your lender pre-approves you for a certain amount doesn't mean that's the amount you can afford. Look at your income and your budget realistically and choose a home with payments that are within your means. This will save you a lifetime of stress in the long run.


Do not even consider getting a home mortgage that is only paying the interest. This is the worst possible investment that you can make. The problem is that you are not getting any closer to actually owning your home. Instead, purchase a home that you can afford to pay principle on so that you are truly making a good investment.


If you are a first time home owner, get the shortest term fixed mortgage possible. The rates are typically lower for 10 and 15 year mortgages, and you will build equity in your home sooner. If you need to sell you home and purchase a larger one, you will have more cash to work with.


Avoid a home mortgage that has a variable interest rate. The issue with those mortgages is that changes in the market can affect your interest rate; you could see your payment double in just a short time. This leads to your inability to keep up with your house payments, which you want to avoid at all costs.



Only switch lenders if it's beneficial for you. Some lenders reward loyal customers with better deals than those offered to first-time customers. They may waive penalties or offer a lower interest rate.

When hiring a mortgage broker, find out if they have any additional certifications. These don't just offer additional expertise in your personal situation, but show that the broker is committed to continuing their education and learning all they can about the field they work in, showing their dedicated to their craft.


Most people have to endure the stressful process of applying for a mortgage in order to purchase a home. Understanding the process will reduce the stress that you feel as you work your way through. Use the tips located above to ensure you have the knowledge to complete a home mortgage.


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