The mortgage loan is the way most people buy homes. You can also get a second mortgage on a home you already have. The tips below can help you no matter what type of loan you are considering.

If you hope to be approved for a mortgage loan for a home, then you need a long-term work history on record. A lot of lenders need at least 2 steady years of work history in order to approve a mortgage loan. Switching jobs a lot can result in your loan being denied. You should also avoid quitting a job when you are in the middle of the loan process.

You are sure to need to come up with a down payment. It’s rare these days that qualifying for a mortgage does not require a down payment. You should know what the down payment is before applying.

Now is the time to try refinancing your home even if you are upside down on the mortgage. HARP is a program that allows homeowners to refinance regardless of how bad their situation may be. Talk to your lender since they are now more open to a HARP refinance. If the lender is making things hard, look for another one.

Make sure to see if a property has decreased in value before seeking a new loan. Your home may seem exactly as it was when first purchased, but the actual value may have changed and could have an impact on the chances of approval.

On a thirty year mortgage, try to make thirteen payments a year instead of twelve. That additional money will go towards the principal on your loan. If you regularly make an additional payment, your loan will be paid off faster and it will reduce your interest.

Consult with friends and family for information about mortgages. Chances are, they can give you some helpful advice. Some may share negative stories that can show you what not to do. Talk to as many people as possible so that you get many points of view.

When your finances change, your mortgage could be rejected. It’s crucial that you are in a secure job position before getting a loan. You ought not get a new job until you’re approved for your mortgage, since the lender will make a decision based to the information on your application.

Check out a minimum of three (and preferably five) lenders before you look at one specifically for your personal mortgage. Be sure to talk with friends, read online reviews and examine all fees and contracts carefully. Once armed with this information, you can make an informed choice.

The basics of getting a good mortgage are not too difficult as you can see. Just make use of each tip provided here as you scour the market for the best loan. This is the best way to find a good rate for your mortgage.