1. The down-payment is not the most important consideration when you go mortgage shopping. Keep an eye on the monthly payments as well. Make sure they are within your reach.
2. The interest rate usually varies from lender to lender, even though there is a market rate. It's worth shopping around.
3. You can lower your monthly payments by getting a longer term, putting more money down, or buying a less expensive property.
4. A prequalification for a mortgage can help you negotiate a good deal with the seller, because you will demonstrate that you can actually buy the property. A prequalification is a commitment from the lender that says you are good for the money.
5. Do not pay extra for a lock-in, other than the minimum. It is usually cheaper to wait and reapply later on when the rates go down. Remember, rates fluctuate daily.
6. If you've got bad credit on your credit report, make sure you come up with a credible explanation for the report. Lenders often listen to explanations. Sincerity on your part can go far.
7. If you're looking for an FHA-insured or VA-guaranteed home mortgage, the bank is your best bet. Even if you want a construction loan, a bank will offer you better terms than other lenders.
8. Mortgage brokers do not get a fee from the lender unless they get you a mortgage. So they are definitely on your side, and banks like dealing with brokers because they bring in volume business. But find a broker who does not charge extra fees.
9. If you belong to a credit union, don't go around shopping. Credit unions always offer the best rates for mortgages.
10. Getting a loan online can make the hassles of the loan process a lot smoother. Use technology for your benefit. But do make sure that the mortgage can be offered in your city and state, since the Internet is universal in scope. You don't want to be applying for a mortgage from a broker stationed in Norway.
11. Don't get taken. Get educated. And shop around. Only then put your signature on paper.
12. Most prime mortgages are available only if you intend to live in the property.
13. When filling out a mortgage application, do not lie about anything. However, you can present information in a favorable light, such as your experience and your job history. Make this information work for you, not against you.
14. If you decide to borrow money from a friend or relative for the down payment on your house, do so well in advance, preferably six months ahead of the time of your application for a mortgage. This way it will look like part of your savings. Lenders check back at least two months.
15. If you are behind in payments catch up before you apply for a mortgage. Try to stay caught up for at least three months before applying.

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