You've been thinking about buying your own home for quite a long time http://www.airmax90ingrosso.it/ , and now you're ready to take the plunge. You've been saving money for a down payment, and you know the next step is preparing to apply for a mortgage.

But where do you start?

Here are the top 5 things you need to know before approaching a mortgage lender.

1. Understand Your Options

All mortgages are not created equal. There are several different types, which vary based on interest rates and payment terms.

For example:

? With a fixed-rate mortgage, your monthly payments remain the same during the entire length of the mortgage. There will be no variations in monthly payments, regardless of changes in interest rates and inflation.

? With an adjustable-rate mortgage, you will often receive a lower initial interest rate air max 90 donne ingrosso , but your monthly payment amount can rise and fall as interest rates fluctuate (within certain caps or limits).

? With a balloon or reset mortgage, you once again may be offered a low interest rate, but it will hold for a limited time. After that, the balance of the mortgage will be due, or you will need to refinance.

2. Become a Rate Watcher

The state of the economy influences interest rates, which ebb and flow on a regular basis.

Your daily newspaper tracks these rates air max 90 uomo ingrosso , so stay current by watching whether rates are rising, falling or remaining stable.

It behooves you to become as educated as possible about how these rates will affect your mortgage-and to see if you want to postpone applying for one until rates drop.

3. Get Pre-Approved

Consider getting pre-approved for a mortgage, says Frank Nothaft, PhD, vice president and chief economist for Freddie Mac, the stockholder-owned corporation established by the United States Congress in 1970 to create a continuous flow of funds to mortgage lenders in support of homeownership and rental housing.

"A benefit of being pre-approved for a mortgage loan is that it gives the prospective homebuyer additional bargaining leverage when competing with other prospective buyers for a home air max 90 ingrosso italia ," he says. "A home seller may be more likely to accept an offer from a pre-approved borrower-because the seller knows the buyer can get a loan-than from another bidder, who may be exactly the same in financial qualifications and offer, except that he lacks the pre-approval."

4. Consider Making a Higher Down Payment