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New Home Mortgage Tips    


Right now it is a home buyers market. If you are in the position to purchase a home, there has rarely been a better time in US history. Rates are phenomenally low, and lenders are offering promotions that can't be turned down. There are several programs that can help you get into a home if you need that extra nudge. Pay attention to the fine print and buying a new home will be one of the best investments you have ever made. These tips will help you get started.  


Get pre-approval. You will know what your home buying limit is, and the lender is already on your side. Even before you go to the home mortgage lender, do a little homework. Use online mortgage payment calculators to determine how much of a loan you can handle. 


Credit scores can dictate what kind of home mortgage you are able to get. If you have a good credit score, your ability to get a loan may be based on your income, debt, and your down payment. If you have bad credit, your options will be limited. But you can still get a loan on different terms. 


There are lots of ways to be creative about mortgage financing. Conventional loans may not be the best way to go, even if you do have good credit. You could even go so far as to ask the seller to finance some of the cost of the home. If you are persuasive and point out all the benefits, they may go for it. 


Flex Pay loans offer lots of different payment options on a monthly basis, so you don't have to lock yourself into a payment for the life of the loan. 


Shop around. With so many mortgage lenders, online and off, the options are in the hundreds. With a little bit of research you can find some great deals.  


Find out what home buying programs are available to you. Don't assume that you don't qualify, there are so many government and private programs you are bound to fit into at least one.  


Learn about your home buying rights. From predatory lenders to equal opportunities, make sure that you are prepared legally for any problems or things you should expect. 


While shopping for a home or making an offer, learn how to make a deal. Be forward and aggressive in getting the best deal. A good deal means getting the best mortgage too. 


Don't forget to take into account homeowners insurance and taxes. Mortgages require a standard of insurance and that could be a part of your monthly payment. And, nobody escapes taxes. 


Setting up an escrow account for taxes and insurance with your lender is a great way to take care of those expenses. Your mortgage lender will put part of your monthly payment into that account to pay for those things when they fall due. 


Look for lenders that offer low or no closing costs. Plenty of mortgage companies are offering great deals in the depressed economy.