The Best Way To Get The Right Mortgage

Are you thinking of buying a home? If so, then there are many things that you need to research first. For example, do you know what a mortgage is and do you know all the details of getting a mortgage? The more you know before you get into it, the easier the whole process will be for you.

If you've never owned a home before, you know that securing a mortgage loan can be more nerve wracking than you might realize. After all, just like you would need to prove your expertise to secure a job, you need to prove your credit worthiness to secure a mortgage. The problem is, if you've never owned a home, how can you possibly convince a lender that your credit is good enough to qualify you for a home mortgage loan?

This means that first-time buyers often face higher than standard interest rates and other unfavorable terms on their mortgages such mortgagee insurance. Yet many, many first-time homebuyers or event people with poor credit history enter the market each day, so there are lenders out there that are willing to take the risk. There are lots of mortgages designed specifically for first-time borrowers, with terms and rates that are flexible and not exorbitant. The trick is finding one of these lenders.

You could simply start going from major lender to major lender to enquire about their fixed low-rate mortgages, but a far more sensible strategy involves finding a third party mortgage broker who represents a number of lenders under one roof. Of course, just as there are literally hundreds of different mortgages to choose from, so too are there hundreds of mortgage brokers. It is far better to use the services of a broker to help you ~cut to the chase~ and find the right mortgage for you.

You should beware though - many mortgage brokers make their money by working on a commission basis with the lenders themselves. There are, however, independent brokers who are not in the business of servicing lenders, but borrowers instead. It's their job to help new borrowers to find a good mortgage with low rates.

Lastly when you find a broker who has good relations with a number of lenders, it's easy to get a mortgage at special rates and it is also easy to repay the loan at favorable interest rates. In addition, when it comes time to refinance, you can generally use your relationship to lock in a much more desirable interest rate through a broker than through your current lender.

The author has learned the hard way how NOT to buy a house and secure a mortgage. Since then she has become an expert and helped thousands of people get the "right" morgage and purchase the home of their dreams.

Janine Monik is passionate about mortgages and is the webmaster of Flynn Mortgage

In The News:
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.marketwatch.com/news/story/colonial-national-mortgage-opens-three/story.aspx%3Fguid%3D%257B80AFA282-3DE3-46A4-A201-7BED0F3795A3%257D%26dist%3Dhpprcid=1257712991ei=-Lj0SOCgEImE6QOspNiZDQusg=AFQjCNHUCCUC8ZoPN_b_LwaYmxbIpgxJDwColonial National bMortgage/b Opens Three New Branches in Austin Area/abrfont size=-1font color=#6f6f6fMarketWatchnbsp;-/font nobr29 minutes ago/nobr/fontbrfont size=-1All were previously with National City bMortgage/b and report to Craig Vecchiola, Vice President of Retail bMortgage/b Production at Colonial National bMortgage/b. b.../b/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.businesswire.com/news/google/20081014006043/encid=1257614373ei=-Lj0SOCgEImE6QOspNiZDQusg=AFQjCNGot4NSZvSUfQ2urT7ALxvm_8gbOgimg src=http://news.google.com/news?imgefp=nk5ouHFwtfsJimgurl=mms.businesswire.com/bwapps/mediaserver/ViewMedia%3Fmgid%3D155756%26vid%3D3 width=64 height=80 alt= border=1brfont size=-2Business Wire (press release)/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.businesswire.com/news/google/20081014006043/encid=1257614373ei=-Lj0SOCgEImE6QOspNiZDQusg=AFQjCNGot4NSZvSUfQ2urT7ALxvm_8gbOgThe Truth about the bMortgage/b Crisis—Helping Consumers Understand b.../b/abrfont size=-1font color=#6f6f6fBusiness Wire (press release),nbsp;CAnbsp;-/font nobr1 hour ago/nobr/fontbrfont size=-1Residential Finance Corporation (RFC) is the nation’s premier home bmortgage/b company specializing in brefinance/b. Founded in 1997 and now serving 24 states, b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.prweb.com/releases/2008/10/prweb1468384.htmcid=1257614373ei=-Lj0SOCgEImE6QOspNiZDQusg=AFQjCNFcIzIqdmOgxDxMYpIB4C_MthpJFAFHA Loan Adviser Connects Lenders with Homeowners/a font size=-1 color=#6f6f6fnobrPR Web (press release)/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1257614373hl=ennobrall 6 news articles/nobr/a/font/div/font/td/tr/table
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table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.newsday.com/news/printedition/longisland/ny-livoice135881819oct13,0,6929750.storycid=1257173810ei=-Lj0SOCgEImE6QOspNiZDQusg=AFQjCNGYR6MsqcDCMsU21VUJLGkiyX6sKwFreeport family battered by struggling economy/abrfont size=-1font color=#6f6f6fNewsday,nbsp;NYnbsp;-/font nobrOct 13, 2008/nobr/fontbrfont size=-1Joan Fennell said her bmortgage/b broker quot;promisedquot; verbally she could brefinance/b again within the year into a fixed-rate loan and she assumed she#39;d earn enough b.../b/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://ap.google.com/article/ALeqM5g9k5ci5oSKGrWzjygJuIimhNkUogD93Q0GS80cid=0ei=-Lj0SOCgEImE6QOspNiZDQusg=AFQjCNFvuSRuYg_VbcPjhixSZl18NgNaTgimg src=http://news.google.com/news?imgefp=x_H3PNdZ6hsJimgurl=ap.google.com/media/ALeqM5hjC5cu7Q0-ve4N0EkjEOtjNMXNcA width=80 height=65 alt= border=1brfont size=-2The Associated Press/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://ap.google.com/article/ALeqM5g9k5ci5oSKGrWzjygJuIimhNkUogD93Q0GS80cid=0ei=-Lj0SOCgEImE6QOspNiZDQusg=AFQjCNFvuSRuYg_VbcPjhixSZl18NgNaTgOfficials: Financial crisis can lead to violence/abrfont size=-1font color=#6f6f6fThe Associated Pressnbsp;-/font nobr12 hours ago/nobr/fontbrfont size=-1She tried to brefinance/b but was declined. In July, on the day the house was to be auctioned, she faxed the note to the bmortgage/b company. b.../b/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://seattlepi.nwsource.com/business/1310ap_meltdown_mortgages.htmlcid=1255319735ei=-Lj0SOCgEImE6QOspNiZDQusg=AFQjCNGEwpigYjJ5gG2fjDnD_1oLE93T_wimg src=http://news.google.com/news?imgefp=UJvYrGkOy-gJimgurl=seattlepi.nwsource.com/dayart/aponline/53032.57McCain-2008.sff.jpg width=53 height=80 alt= border=1brfont size=-2Seattle Post Intelligencer/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.sfgate.com/cgi-bin/article.cgi%3Ff%3D/c/a/2008/10/09/BU9B13DNI7.DTLcid=1255319735ei=-Lj0SOCgEImE6QOspNiZDQusg=AFQjCNHByQgVuzvhmS31s0yPxrx0ospxpAMcCain campaign outlines bmortgage/b-rescue plan/abrfont size=-1font color=#6f6f6fSan Francisco Chronicle,nbsp; USAnbsp;-/font nobrOct 9, 2008/nobr/fontbrfont size=-1Barack Obama, McCain#39;s Democratic rival, has proposed helping troubled homeowners brefinance/b their mortgages, but his campaign attacked McCain#39;s proposal for b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.youtube.com/watch%3Fv%3DBAdIBCGcEo8cid=1255319735ei=-Lj0SOCgEImE6QOspNiZDQusg=AFQjCNEp2YvassybgL9QC0O9ZMw_zjnRggVideo: Obama: #39;Taxpayers Shouldn#39;t Pick Up Tab#39;/a font size=-1 color=#6f6f6fnobrAssociatedPress/nobr/fontobject width=448 height=356param name=movie value=http://www.youtube.com/v/BAdIBCGcEo8/paramparam name=wmode value=transparent/paramembed src=http://www.youtube.com/v/BAdIBCGcEo8type=application/x-shockwave-flashwmode=transparentwidth=448height=356/embed/objectbr/fontfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.nytimes.com/2008/10/09/us/politics/09mortgage.html%3Fref%3Dbusinesscid=1255319735ei=-Lj0SOCgEImE6QOspNiZDQusg=AFQjCNFRarwZqpb3-VFyIHB_WshV8h-qSQTaxpayers, Not Lenders, Would Bear Costs of McCain’s bMortgage/b Proposal/a font size=-1 color=#6f6f6fnobrNew York Times/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.newsday.com/news/nationworld/nation/ny-usmort095875394oct09,0,1162571.storycid=1255319735ei=-Lj0SOCgEImE6QOspNiZDQusg=AFQjCNHf3M9LHhmXfzn6ukcXj0455VrONwMcCain#39;s plan for troubled home loans called impractical/a font size=-1 color=#6f6f6fnobrNewsday/nobr/font/fontbrfont size=-1 class=pa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www2.journalnow.com/content/2008/oct/11/principal-is-key-to-housing-solution/cid=1255319735ei=-Lj0SOCgEImE6QOspNiZDQusg=AFQjCNEVZBjMjzVKPmGy-j3OaYkSVoU3bgnobrWinston-Salem Journal/nobr/anbsp;- a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www2.arkansasonline.com/news/2008/oct/10/mccain-obama-duel-over-mortgage-relief-20081010/%3Fsubscriber/nationalcid=1255319735ei=-Lj0SOCgEImE6QOspNiZDQusg=AFQjCNG9XjQ6Rqi_tlZWwtXC6UjcsUxWJQnobrArkansas Online (subscription)/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1255319735hl=ennobrall 735 news articles/nobr/a/font/div/font/td/tr/table
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