A mortgage is a huge financial decision. This is an important decision that you need to be informed about before you go into it. This will ensure you make a sound decision.

Get your documents together before approaching a lender. Getting to your bank without your last W-2, check stubs from work, and other documentation can make your first meeting short and unpleasant. Your lender will need to see all these documents. Bringing this paperwork with you during your first meeting will help you save time.

Always be open and honest with your lender. Before the situation reaches foreclosure, the smart borrower knows that it is worth trying to make arrangements with the mortgage company. Give the lender a call and tell them your situation.

Don’t take out the maximum amount of money possible. The amount of loan you qualify on is based solely on your gross salary. Consider your lifestyle, your spending, your income and just how much you realistically are able to afford and still live in relative comfort.

If you are underwater on your home and have been unable to refinance, keep trying. The HARP program has been re-written to allow people that own homes get that home refinanced no matter what their financial situation is. Speak to your mortgage lender to find out if HARP can help you out. If you can’t work with this lender then search around for someone willing to take your business.

Clean up your credit before applying for a mortgage. Lenders often examine your credit history very closely to be sure of accepting minimum risk. If your credit is bad, you must repair it before applying for a mortgage. This will improve your chances of acceptance.

Don’t despair if you’ve been denied a mortgage. Just move on and apply for the next mortgage with another lender. Every lender has their own criteria you need to meet to qualify for their loan. For this reason, it is sometimes beneficial to apply with several lenders for the best results.

When you’re in the process of getting a home loan, pay off your debts and avoid new ones. When you have a low consumer debt, you can get a mortgage loan that’s higher. If you have high debt, your loan application may be denied. Having too much debt can also cause the rates to be higher on any loans offered to you, too.

If you are timid, hire a mortgage broker. Mortgages can be very complex and confusing, so a consultant may be the best alternative to getting a great deal. They also can ensure that your terms are fair on both sides of the deal.

Using your new-found information is key to getting the right mortgage. Don’t let the huge amount of knowledge available to you overwhelm you. Instead, you should let what you’ve learned here help you make a great decision.