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Monday, February 9, 2009

Getting The Best Mortgage When Buying A House

By Peter Daas

Getting a mortgage is a big financial decision. Getting a home goes hand in hand with this decision. A mortgage takes a while to pay off, so you need to think long and hard about the kind of mortgage you will choose for your home purchase.

A mortgage isn't only a long term decision, it is also not an easy decision. There are complex factors to decide on. Things such as type of mortgage, interest rates, with or without balloon payments... these are all factors that come into play. Even seemingly small differences can end up saving you thousands of dollars or costing you thousands of dollars in unnecessary payments.

Be sure to always consult an expert before deciding on a kind of mortgage. As a consumer, you handle mortgages every couple of years, maybe less. A mortgage expert has studied mortgages and handles mortgages day in and day out. He can tell you what the market has to offer for you, how to get the lowest rate and how to choose the best option in your situation. If you pick someone you can trust, he will also protect you against the mistake of taking on a loan that you can not afford.

A mortgage provider looks at roughly three things when looking over your application. The income compared to the debt, your proposed down payment and your current credit rating, judging from your credit report. You can find a lot of information online and offline about all three of these factors. Credit scores can be improved significantly if it's too low for your application and every day there are more possibilities to include the down payment in your mortgage or buy with little money down.

Be sure to always check your credit reports when applying for a mortgage. Nobody is perfect, and sometimes you find a mistake on your credit report. If you don't notice it and correct it, a little mistake can end up costing you a lot in added fees and interest rates. Just take the trouble to ask for your credit report, because it's a small price to pay in exchange for thousands and thousands of dollars in money saved. Always prepare and do your research, so you can make sure you're taking the right mortgage decision.

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