#1 - You decide how much you want to spend on a mortgage. Don't allow mortgage lenders to influence your decision on how much to borrow. Never let a lender talk you into more than you can afford. Only you know how much you are comfortable with spending each month on your mortgage. Find a mortgage company or bank that will not pressure you to take on a mortgage that would put too much financial pressure on you and your family and will take your personal budget into account.
#2 - Shop around for the best mortgage FOR YOU! Contact several reputable lenders and get quotes on rates and closing costs. Make the banks and mortgage companies compete for your business!
#3 - Avoid loans with prepayment penalties. Choosing a lender that will charge you a penalty if you pay off or refinance, could cost you thousands of dollars.
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