What was once considered a quite simple task that purely meant comparing the fixed interest rate mortgages of handful of lenders, a mortgage search in today’s market is more like finding your way through some sort of maze. There are dozens of different loan types, hundreds of loan programs and thousands of mortgage brokers, lenders bankers, credit unions, finance companies, even stock brokerage firms originating loans.

Because there is such a vast amount to learn, finding a home mortgage loan that fits you doesn't start off with an application, but education. If there's but one aspect of the home buying transaction you take the time to learn in detail, make it home mortgage loans. Discover too late the fact that you can't afford your repayments, and you could not only lose your home, but also be unable to purchase another one for years. Obtaining information is easy. Mortgage information sources are as numerous as mortgage types, but your best bet is an internet comparison portal such as here at Home Loans.

Along with your mortgage payment of interest and principle, remember to add related insurance costs, taxes, homeowner association dues and any other costs. Also, obtain copies of your credit reports from all credit reporting agencies. Obtaining your credit report in advance gives you time to challenge missing information, errors, or other discrepancies. If necessary, you can put a statement on your credit report to explain any blemishes you can't cure. Lenders likely will ask you to explain problem areas on your credit record anyway. Your attention will let the lender know you are conscientious about your finances.

During your loan application, get a rate lock - an essential document in a rising mortgage rate market. A rate lock -- in writing - guarantees you a certain interest rate and terms for a given period. Lock in all the costs you can, the interest rate, and points. Set the lock ''on application'' rather than ''on approval.'' On approval means you won't have a stab at rates until the loan application is approved. In a rising market, a lock on approval would cost you more in higher interest rate. Your lock-in period should be long enough to allow for settlement, contingencies imposed by the lender or the purchase contract and other factors that could delay the process. Consider all factors that could delay your settlement, including the time it will take you to provide requested materials about your financial condition, unanticipated construction delays on a new house and the like.