If you have been putting money away and home ownership is something that you really want, it may be time to talk with a mortgage banker to see if you are a qualified applicant. A mortgage banker can help you figure out what you can afford to pay each month, what type of mortgage will the best for you, and what you need to do get approved.

There are a few things you want to do when you get ready to meet with a few mortgage bankers to talk about your options, so you can make the best financial decisions. Consider the following.

Don't Let Everyone Pull Your Credit Score

When you talk with the different mortgage bankers don't let each of them pull your credit score, because this could bring your score down if it looks like you're trying to take out multiple loans at once. You don't want several blemishes on the credit report either. Instead, find out what amount each bank wants you to put down on the loan, what the lowest interest rate they're offering is, and what the application fee and requirements are. With this information you may be able to rule out some lenders.

Ask About Interest Rates and Refinance Options

Don't look at the short term benefits of a variable interest rate and justify paying much more later on, because this can backfire on you. Instead, find a bank that is offering a low fixed interest rate that you can easily afford to pay, and ask about refinance options in the future. If your credit gets better or you decide you want to refinance and have a 15 year mortgage, and find out if there is a certain amount of years you have to wait until that's possible when meeting with the different bankers.

Ask About FHA

 If you are a first time home buyer and you don't have a ton of money in your savings accounts, you may qualify for an FHA loan. These are offered at lower interest rates and require less money down, and may be just what you need.

Buying a property is a huge financial responsibility but it can be a great investment if you do it correctly. Don't just pick on bank that you already use, explore all of the different options that some mortgage bankers have to offer you when you're ready to apply for your first home loan. For more information, contact companies like Guard Hill Financial Corp.