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Today, there is a buyers market when it comes to home buying, so, if you are in the market, then now is the time to buy! Still, you dont want to grab the first mortgage that is offered you, and there are several things you can do to make sure you qualify for the lowest mortgage possible.

1. You want to make sure you get your credit squeaky clean banks are fussy about handing out mortgages right now, but they have to, if they want to make any money. Still, they want to feel secure about the people the loan to, so, they are trying to loan to people that have very clean credit records.

Six months to a year before applying for a mortgage, you need to get a copy of your credit report from all credit bureaus. Check to make sure everything is factual. If there is incorrect information, then you need to contact the credit bureau and the company that reported the information to clear it up. Once you have cleared up misinformation, you want to make all of your payments on time, and if possible pay off as much credit card debt as you can. The more debt you have, the lower the credit score you get. And the lower a credit score you get, the higher your mortgage is going to be.

2. Dont buy More of a House than You Can Afford
When you start shopping for a home, you dont want to buy more of a home than you can afford. To figure out what types of homes you can afford, you need to use a mortgage calculator found on many real estate, or mortgage websites. Dont lie with the information that is asked of you, so you get a realistic amount. Once you know what your budget is and the amount of mortgage you qualify for then you can start shopping for the perfect home.

3. Applying for the Right Mortgage
When you have found the mortgage you want then you need to get ready to apply. You want to go to several mortgage lenders and ask them to give you a tentative mortgage amount. Dont let them pull your credit yet! When you pull your credit more than a couple of times in a short period of time it lowers your credit score. Once they make a tentative offer, read all the fine print.

4. Negotiate Added Costs
Banks and mortgage lenders add on fees and you want to negotiate and lower these fees because they add up. You will find these fees in the small print. They include the mortgage broker fees, the contract fee, the termination fees, etc. Some of these you have to pay, but others can be negotiated, especially if you have a good credit rating. Once you finish negotiating get the quote in writing.

5. Get Several Quotes
Dont settle for the first mortgage that is offered to you. You want to get quotes from different lenders so that you can choose from the best offer.

6. Try a Mortgage Broker
A mortgage broker does charge an up front fee and a fee on the mortgage he gets for you. Even so, mortgage brokers can often find you the best mortgage and are worth every penny of his fee.

7. Get a fixed rate mortgage
Whatever you do, you need a fixed rate mortgage, that way you know exactly how much interest you pay and what your monthly payment will always be.

It is by following these seven steps that you will get the best possible mortgage, one that you can afford and that is gotten at a great price.