- Understand the different types of mortgages available in your area – including fixed rate mortgages, adjustable rate mortgages (ARMs), and hybrid ARMs – and determine which one is right for you based on your financial situation and goals;
- Research current mortgage rates so that you can compare offers from different lenders;
- Consider the impact of closing costs on the overall cost of a loan;
- Make sure you have enough saved up for a down payment as well as additional funds for unexpected expenses; and
- Get preapproved for a mortgage before shopping around for homes so that you know exactly how much house you can afford.