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When applying for a loan make sure the mortgage broker expalins to you all the documents you are going to need. It is a good idea to gather this documentation together well before you apply for loans. Make copies of everything. This will help when the lender "mis-places" your documents during the application process. Also, if you do not have one already, it pays to invest in a fax machine for your home. You will be faxing documents back and forth for several weeks. Make sure delays on the lender's end do not become delays on your end.

About 1/3 of the loans offered today are "subprime." A "prime" loan is given to people with excellent credit. These are the rates you normally see advertised on t.v. and in newspapers. A "subprime" mortgage is a loan offered to people with bad credit; it usually carries a higher interest rate. This higher rate is meant to compensate the bank for the extra risk they are taking on. The good news: People with less than stellar credit can still get a home loan. Rates are higher, but it may still be a good deal as opposed to renting. Everybody and their brother are becoming mortgage brokers these days. The competition has really helped in getting affordable loans into everybody's hands.

Since rates are so low right now, it does not make financial sense to select an adjustable rate mortgage. Yes, you may save some money in the beginning, but rates are almost certain to go up. That is why most loan brokers and banks are encouraging people to take out adjustable rate mortgages. They know it is in THEIR best interest, not yours.

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