Generally, almost every home is purchased by an individual or a couple and it is financed. This is the reason that getting the appropriate home mortgage for your financial situation is important. The good news is that mortgage rates in 2009 are currently at an all time low all across the country. If it is your first time getting a mortgage, be prepared to due thorough research beforehand in order to save your self money. Luckily, most lenders have helpful websites that can give you a rough estimate of how much you will be paying and what type of mortgage may be available to you.

After doing some initial research about mortgages, you have some decisions to make before filing applying for a mortgage. How long do you want your mortgage to last? A shorter 15 year mortgage may cost more every month but will save you thousands in interest. A 30 year loan is less expensive every month but you will be paying more in the long term in interest. Generally, a 30 year term is the norm for a home mortgage. You need to also decide between an ARM (Adjustable rate mortgage) and a fixed rate mortgage. You may be enticed by the low looking rates of an advertised ARM loan but often this is not the best route to take. In most cases it is suggested that your mortgage be a fixed rate mortgage. This way regardless of market conditions your monthly mortgage payment will remain the same throughout the course of the loan. Often ARM rates rise and never go back down to where they were, leaving the homeowner with the mortgage payment hundreds of dollars higher every month with no alternative.

Make sure to take your time and research a variety of mortgage lenders. Once you do receive a mortgage quote you like try to get it in writing. Take this quote around to other potential lenders and have them try to meet or beat it. Usually they will in order to obtain a new customer. The proper mortgage can save you thousands of dollars in un necessary fees and interest, where as an improper loan can cost you dearly. Do not make hasty decisions and walk away form any deal you do not completely like.

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