You will probably need a traditional mortgage in order to buy a home. Second mortgages are possible on homes you already own. Regardless of the type of mortgage that you seek, the strategies outlined below will enable you to obtain good terms at an affordable rate.

Gather your paperwork together before applying for a mortgage. Showing up to the bank without your most recent W2, work payment checks, and other income documentation can lead to a very short first appointment. Any lender will need to look over these documents, so save yourself a trip and have it ready.

While you wait for a pre-approved mortgage, do not do tons of shopping. Right before the loan is finalized, lenders will check your credit. Once you’ve signed the contract, then you can spend more.

Your mortgage will probably require a down payment. Some lenders used to approve loans without a payment up front, but that is extremely rare today. Ask what the minimum is before you submit your mortgage payment.

Get your financial documents in order. Most lenders require a standard set of documents pertaining to income and employment. You will be asked for pay stubs, bank statements, tax returns and W2 forms. Having documents available can help the process.

Make sure that you narrow your scope to what you can realistically afford before you start shopping for a mortgage. This ensures you are able to live within your means and demonstrate to your lender that you are serious. This will require setting realistic boundaries about your affordable monthly payments based on budget and not dreams of what house you get. Keep yourself out of financial trouble by buying a house you can afford.

You only need to know the basics to get a good home loan. Using the advice above will be a great help when looking for your mortgage. That will enable you to get a good rate.