Are you in the market for your own home? Have you considered refinancing the home you already own? In both cases, you have to deal with the maze of getting a home mortgage. Getting a home mortgage may be confusing, but the information presented here should help you.

Avoid getting a loan for the maximum amount. The mortgage lender will tell you how much of a loan you qualify for, but that is not based on your life–that is based on their internal figures. Have an overall picture of your financial situation, and what you know will be affordable going forward.

Don’t be surprised by what’s on your credit report after you try to secure a home loan. Before you start the process, look over your report. Your credit rating should be clean and free of errors. This can help you qualify for a good loan.

Get all your paperwork together before applying for a loan. If you bring your tax information, paychecks and info about debts to your first meeting, you can help to make it a quick meeting. The lender is going to want to go over all this information, so getting it together for them can save time.

While you wait to close on your mortgage, avoid shopping sprees! A recheck of your credit at closing is normal, and lenders may think twice if you are going nuts with your credit card. Once you’ve signed the contract, then you can spend more.

You should pay no more than 30 percent of your gross monthly income in mortgage payments. Otherwise, you run the risk of putting yourself into a financially devastating situation. You will have your budget in better shape when your payments are manageable.

If you’re thinking of getting a mortgage you need to know that you have great credit. The lenders will closely look at your credit reports. If your credit is poor, work at improving to so your loan application will be approved.

Before seeing a lender, get all of the financial papers you have together. The lender will require you to show proof of your income, statements from the bank and any other documents about your assets. When you have these ready in advance and organized, then you are going to speed up the application process.

If you have a 30-year mortgage, consider making an extra payment in addition to your regular monthly payment. This money goes straight to your principal. If you’re able to make a payment that’s extra on a regular basis, your loan can be paid off a lot quicker so that you don’t have to pay so much interest.

These tips should have answered some of your question about getting a home mortgage. When you’re ready to apply for a loan, feel confident that the information here will give you a great start. Owning a home can be one of life’s greatest achievements, so don’t miss out because you are afraid of the mortgage process.