Few things in life are as important as the decision to buy mortgage. After all, buying a home, and taking on a 1st mortgage, is a major financial commitment, and one for which you will likely be paying for many decades.

It only makes sense, then to shop around for your 1st mortgage at least as carefully as you shop around for your home. Unfortunately, the 1st mortgage market can be quite a complicated place, especially for first time buyer mortgage. It is important to gather as much information as you can before embarking on this important financial journey.

Where to start

The obvious place to start the search for a 1st mortgage loan is at the bank where you do your day-to-day banking. After all, the staff of your local bank may already know you and your family, and it is often easier to obtain this kind of loan from a lending institution with whom you have an exiting relationship.

Low rate mortgage rates at Guide To Lenders where competitive lenders are lined up state by state to help you find the best loan where ever you are.

It would be a mistake, however, to end your search for a 1st mortgage loan at your local bank. That is because mortgage loanare available at a wide variety of different Mortgage Lenders, not only local and national banks.

In addition to banks, it is possible to get a 1st mortgage loan at a credit union, a savings and loan association, or at a specialty mortgage broker. There is no one right answer to the question of which venue is the best place to get loan, so the key is to shop around widely and to compare interest rates and terms carefully.

Read the fine print

Of course it goes without saying that it is important to carefully read the fine print on any loan you are considering. It is important to always keep in mind that the purchase of a home, and the choice of the accompanying mortgage, is probably the biggest single financial decision you will ever make. It is important, therefore to understand every line in the 1st mortgage contract. If there is something you do not understand, be sure to ask the lender for clarification. And if there is anything in the mortgage contract that does not seem right to you, it may be a good idea to have an attorney review the document.

Make sure you can afford it!

And of course no matter where you decide to get your 1st mortgage loan, it is vital to be sure that you can afford the monthly payments. Many first time homeowners try to stretch their budgets to afford a larger and more expensive home, but that can be a mistake. It is important to remember that the cost is not the only cost associated with owning a home. There are also things like the cost of insurance, furniture for the home, home repairs, etc. to consider. It is important to take all these costs into account when deciding on the proper size of mortgage payment.