When choosing a mortgage there are many different variables that should be considered. There are almost as many different types of loans available now as there are different circumstances affecting each potential buyer!

Remember all the bad things you always heard about the Adjustable Rate Mortgages of the 1980’s? Believe it or not, the new Adjustable Rate Mortgages can be a wise choice for the right buyer, specifically someone who knows they will be moving in 5 years or less.

The most important thing to do now though is find out how much and what kind of a mortgage loan you can qualify for. There is no point in finding the home of your dreams if it’s outside your price range.

It’s also very important to a seller to see you have actually researched what you are about to do when you make them an offer to buy their property. Telling them “Here is our offer and we’ll get back to you about the feasbility of us getting a loan” is frankly not a very good negotiating position for many different reasons.

One, you probably won’t be viewed as a serious, ready, willing, and able buyer if you don’t have all your ducks in a row.

Two, if it’s a “best of the best” property, chances are another buyer will be there with all their homework already done and they’ll demand and get much more serious consideration from the Seller.

There are many other reasons as well.

Don’t make the rookie mistakes. Make getting mortgage approval your very first step.