When trying to get a mortgage for a first time home buyer, it helps to have good information. The process involves a lot of little details that are important in determine what you pay and how long you will pay for your home. Keep reading for home mortgage advice that will prepare you for what lies ahead.

Bring your financial documents with you when you visit lenders. Showing up to the bank without your most recent W2, work payment checks, and other income documentation can lead to a very short first appointment. The bank needs to see every one of these documents. Make sure you bring them when you go to your appointment.

The new HARP initiative may make it easier for you to refinance even if you are underwater. Many homeowners had tried to refinance unsuccessfully until they introduced this program. Check it out to see how you might benefit from it, which can include lower mortgage payments as well as optimal credit positioning.

Don’t spend too much as you wait for approval. Lenders tend to run another credit check before closing, and they may issue a denial if extra activity is noticed. Wait until after the mortgage is a sure thing to make any major purchases.

It is likely that your mortgage lender will require a down payment. In today’s world almost all mortgage providers will require down payments. Know how much this down payment will cost you before you apply.

If you decide on a mortgage, be sure you’ve got good credit. Lenders approve your loan based primarily on your credit rating. When your credit is bad, get it fixed before you apply.

If you’re working with a thirty year mortgage, you may want to pay more than your monthly payment usually is. Your additional payments will reduce the principal balance. If you pay more regularly, you are going to cut down the interest you need to pay, and you’ll be able to be done with your loan that much faster.

Before refinancing your mortgage, get everything in writing. This should have all of the closing costs as well as any other fees. Even though most lending institutions will let you know exactly what is required of you, there are some companies that will hide this information from you.

Talk to several lenders before picking one. Ask family and friends about their reputation, their rates and about any of their hidden fees they have in their contracts. Then, choose the best lender for you.

The balloon mortgage type of loan isn’t that hard to get. These types of loans are short term and when the loan expires, the mortgage must be refinanced. This is risky due to possible increases in rates or detrimental changes to your financial health.

It is critical to understand the way mortgage loans work before buying a home. When you understand every aspect of getting a home mortgage, you will ensure that you are not scammed. There are a lot of little things you may not be aware of at first. The fees can add up and you want no surprises.