In today's credit market, getting the best mortgage for your needs seems like a daunting process. But there are steps you can take now to make your search for the right mortgage easier.
The first step is to answer a few of questions. How long will you be in this house? Is it a starter home or some kind of transitional residence? Or is this a home you plan to stay in for a long time?
You also need to determine what type of payment you can afford, factoring in all of the costs associated with owning a home: insurance, property taxes, maintenance costs, etc. Be realistic about what you'd do if something needed repair, i.e. can you afford a new roof if necessary?
Gather all the necessary paperwork: social security card; paystubs and W2s; bank, investment, and retirement statements; credit card account information; vehicle make and resale value, and any outstanding auto loans; and current mortgage and home equity information.
