Now we move to the Section II to learn financial steps to help you improve your chances of getting a good mortgage. These steps can be taken prior to or during your search, but they must be completed before submitting an application for a mortgage loan.

How to

Section II: Before and during the search (before submitting a mortgage loan application)

As you take care of the financial aspects of searching for a home, you will also be touring homes for sale on your own or with your buyer's agent. Take notes at each property of all your likes and dislikes so you can compare and contrast advantages and disadvantages. Make your selection only when you like the house that meets your predetermined requisites for acceptance. Do not let anyone pressure you into making a decision to speed up the process. After all, it is your money and your home purchase. So you should stay in control of these decisions.

Whatever you do, try not to fall in love with a house you can not afford. You will be making a commitment for at least 15 or 30 years with a mortgage, and you need to make sure this relationship stays successful for a long time after you move into your new house.

Practice

Now that you know what you need to do during your search, think of paying it forward and discuss this process with a friend or a family member.

Congratulations! You can move on to Chapter 5. Amortization schedule for a mortgage

To review the full module on Mortgage, click here.