There is no doubt that to buy mortgage is a huge financial commitment. After all, the roof over your head is likely to be the biggest, and certainly the most expensive, single purchase you will make in your lifetime. Because the purchase prices of homes are so high, and steadily going higher each and every year, few people can afford to buy a home without taking out a mortgage loan and committing themselves to a monthly mortgage payment for the life of the loan.

The goal of every residential mortgage buyer, therefore, obviously turns to keeping that required monthly mortgage payment as low as possible, and making sure that the required mortgage payment is well within the budget. After all, if you are unable to make the monthly mortgage payments, you will be putting the roof over your head at risk.

Therefore, the best time to decide just how big a monthly mortgage payment you can afford is before you start shopping for a home, not after you have found the home of your dreams. Many home buyers, whether they are first time buy mortgage or experienced homeowners, will try to stretch their finances to afford a the home they want. While this can sometimes be acceptable, in most cases the home buyers are left feeling financially strapped, and often stressed out as well.

It is far better to get the business of the monthly mortgage payment out of the way up front, before you start shopping. One of the best ways to do this is through the pre-approval or pre-qualification process. When using these procedures, you will be able to get a very good idea of just how much home you can afford.

Having a pre-qualification or pre-approval letter in hand will also make you much more attractive to real estate agents and home sellers alike. These letters, provided by your lender, will help assure the seller of the home that you are serious when you make an offer, and that you can afford the price you are offering. It will also help assure the realtor that you can afford to buy the homes he or she is showing you.

Of course one of the most critical factors in keeping that monthly mortgage payment low and affordable is to keep the interest rate as low as possible. The home mortgage rates on mortgage loans are typically reserved for those with the highest credit scores and best credit histories, so it is always a good idea to check your credit report carefully for credit report errors and carry out credit repair if any errors present before starting the search for the lowest and most affordable mortgage payment.