Learn 10 Tips When Preparing for a Mortgage

9. Be strategic instead than haphazard when applying for a mortgage

Keep in mind that your credit score will momentarily drop as a result of the “hard inquiry” that lenders do whenever you apply for any kind of loan, including a mortgage.

While several mortgage applications submitted within two weeks only count as one inquiry, doing so over a longer period of time can negatively impact your credit score and lead to a lower interest rate.

10. Not now, maybe later

Although what may appear to be once-in-a-lifetime mortgage rates, home ownership is just not a viable choice for everyone right now. If this describes you, try not to lose hope.

You should keep in mind that many people got themselves into over their heads during the recent mortgage crisis, so your own financial situation could alter. When making a large investment like a house purchase, time is everything.