It is a dream come true for every individual, single or married to have their own home.  This dream has slowly become achievable, thanks to the home mortgage that is being extended by many Banks and financial institutions. In the past, purchasing a property or a home was difficult, if there was only a single earning member in the family.  But things have undergone a radical change in the recent past and this dream can now be fulfilled with home mortgage loan. There are a number of factors which needs to be given thought to, prior to going in for home mortgage.

Prior to applying for home mortgage, establish clarity on your financial standing.  Find out the pending debts which you have as the mortgage company will surely take a look at your accounts, prior to offering you this loan.  If you already have huge debts, then it is not a wise decision to go in for another mortgage loan, as you will get into deeper trouble.  Try and get the older debts cleared, before applying for a new one.

Those of you, who are debt free, can apply for a home mortgage loan, based on their affordability.  The affordability should be calculated on the minimum income you earn every month.  Always plan ahead, as there may be a number of unforeseen circumstances which you may have to face at any given point of time.  Planning in advance will save you from a great many problems. Once you are clear on the above, the next thing is to check out for the best rates of home mortgage and then call for the representative to explain you things in perspective. Find out from the home mortgage company about the various options available and then sign on the dotted line based on the one that suits your budget as well as requirements.

To find out the best mortgage home rates, you need to get in touch with banks, lenders, financial institutions, credit unions etc and invite quotes from them.  These mortgage loan quotes are available for free. When you browse the internet, you will come across a number of companies offering low interest rates.  Find out from the companies both the fixed rates as well as the variable rates of interest as it will give you an idea of the possible market movements. Understand and delve deeper into the percentage which you would have to pay to the lender.  Other add-on costs may include the brokers fees, underwriting fees, agreement fees and so on which are generally not disclosed by home mortgage companies.

Do a comparison shopping as it will give you an idea of the mortgage rates and you can then take a call on the best possible rate.