Say you’re out shopping for your new home and BAM you find the home of your dreams. Do NOT run straight to your broker and apply without taking these important things into consideration first.

Go home and run your credit. Don’t go through just one credit service, try to shoot for three. Study the reports and look for discrepancies. There may be mistakes on your credit report that you didn’t even know about! Know what’s on your report before a mortgage broker does. There may be things that can be remedied.

Another tip is shop around for a lender! You shop around for your home don’t you? Closing costs and loan types can vary depending on who your get your loan from. Get estimates from three banks instead of just one. This is a big decision why not get the best loan you can.

Don’t rule out short term loans. 30 years can seem overwhelming. There are other options such as 15 or 20 year loans. Interest rates are at an all time low! The difference between a 30 year mortgage and a 20 might not be big enough to break the bank. You can give yourself the opportunity to pay the loan off sooner and your mortgage rate might not be as high as you suspected.