Comparison shop for loans and rates Comparison shopping is another way to get access to great mortgage rates. Today, you can compare your local bank, against a credit union, and against a national mortgage company.

Just go online, search for a few lenders and you can easily find all of information you need to get a preliminary quote from them. There are also many sites out there where can enter your zip code and get a snapshot of mortgage rates being offered in your area.

If first deal is not comfortable for your budget get a few more quotes Real Estate is a very fluid industry, so don’t be tempted to accept first deal that you see. Also, keep in mind that mortgage rate is not only factor that will affect how much money you pay out over life of loan. You should also pay attention points, origination fees and other broker fees that will be due at closing.

You can also qualify for a much lower mortgage rate by increasing your down payment. Anything that shows that you are able to handle your debt and pay back money in a reasonable time will have an effect on how much you pay for a home loan.

Don't forget home maintenance costs There are also home maintenance issues that are not included when you qualify for a home loan. If you live in a part of country that’s particularly hot or cold, your heating and air conditioning bill could easily add up to a couple of hundred dollars per month.

Your home loan package does not include budgeting for lawnmowers, landscaping and fixing broken windows. Some of these expenses can be put off until a later day, but some of them will require your immediate attention once you move into your home.

Know your spending habits If you are used to living paycheck to paycheck and generally not taking care of your budget as a renter, you will probably carry over some of same habits to your new home.

The best way to avoid a financial disaster is to make your home loan a part of your financial life instead of centerpiece of your financial life. If you are stressed out about money issues from very first move in, it is unlikely that you will enjoy your new home or anything else in your life for a long time.