Having your finance approved means you’re a serious player, you can roll the dice and make your moves with conviction. A pre-approval minimises potential problems that may arise when you think you have found the perfect property. And when the lender hands a borrower a preapproval letter, it means the borrower can:

1. Save Time by Looking at the Right Homes

If your real estate agent is sending you automatic e-mail listings of available homes, you can ask her to change the parameters to more tightly encompass the selection of homes that you are qualified to buy. This way, you’ll save time by checking out homes you can actually afford to buy…

A variety of factors can keep you from qualifying for a mortgage. The big ones include a low credit score, insufficient income for the size of the loan you want, insufficient down payment and excessive debt. All of these factors are within your control, however. Let’s take a look at your options for overcoming any liabilities you may have as a borrower.

1. Max Out Your Credit Score

In any type of borrowing situation, a higher credit score will make you a more attractive candidate to get the loan in the first place and to qualify for lower interest rates if you’re approved.

2. Offer a Large Down Payment

The higher your equity in…

A mortgage is the transfer of an interest in property (or the equivalent in law - a charge) to a lender as a security for a debt - usually a loan of money. While a mortgage in itself is not a debt, it is the lender’s security for a debt. It is a transfer of an interest in land (or the equivalent) from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower.

When…

An adjustable rate mortgage (ARM) is a mortgage loan where the interest rate on the note is periodically adjusted based on a variety of indices. Adjustable rate mortgages are characterized by their index and limitations on charges (caps). In many countries, adjustable rate mortgages are the norm, and in such places, may simply be referred to as mortgages.

When you choose an ARM loan, make sure to know at least three of the ARM facts, so that you are prepared when your fixed rate term ends.

1. When will your rate adjust the first time, and by how much?

This could be any term from 1 month to 7 years, so make sure…

When you buy your first home and you see that 30 year term, it seems like you’ll be paying for your home forever. But people rarely stay in a home for thirty years, so a thirty year mortgage may seem like without end to today’s borrower.

No one wants to pay a mortgage their whole life, so here are ways to shorten your mortgage term without refinancing:

1. Use home mortgage calculators to see just how much of a difference one or two extra payments towards your mortgage can make on your overall amortization schedule. Most people never take advantage of the fact that you can shorten your 30 year mortgage term…