8. Make a decision on the type of mortgage you want.
Not all mortgages are created equal. As you remember, in the 1990s and early 2000s, adjustable-rate mortgages became extremely popular among people with sub-par credit and no deposit required to become owners’ homes. Many of these individuals have been unable to pay their mortgages and have had their homes foreclosed upon.
Consider the different types of mortgages that may be available to you. Consider the interest rate, repayment schedule, and deposit amount. Also, consider what special programs might be available, like first-time homebuyers’ mortgages. Check to see if you can use all of them to get the best mortgage possible.
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