Home Buying Mortgage Tip

If you need to take out a mortgage to by the property, then get pre-qualified for a loan before you start looking for a property to buy.

A mortgage lender will want the answers to questions like:

• Do you have a steady reliable source of income (usually a job)?
• Have I been employed on a regular basis for the last 2-3 years?
• Do you have a good credit history of paying your bills?
• Do you have any outstanding long-term debts, such as car payments?
• Do you have money saved for a down payment?
• Do you have the ability to pay a mortgage every month, plus additional costs?

Remember too, when interest rates are low, you may be best to opt for a fixed rate mortgage where the interest rate is established at its origination and continues unchanged through the life of the loan.