When applying for a mortgage, the lender you have chosen will take many factors into account. These factors not only influence what type of loans you can qualify for but also what your monthly payments will be and how many years you will take to pay the loan off completely.

There is no shortage of brokers out there and they come in all shapes and sizes with various personalities.

What people don’t realize is that if you have a very helpful and friendly broker, it can really make a difference in your entire attitude about getting a loan.

When you first buy your home, most lenders expect you to pay a large down payment of at least 20 percent or get some kind of insurance loan protection program that’s called private mortgage insurance.

So how do you know if you have a good broker There are some very simple things that will tell you right away if your broker is good or not.

A nice large down payment will always improve your chances of being approved. If your credit isn’t completely top notch, the bigger the down payment, the more likely you will get improved.

Even if you don’t need it, it doesn’t hurt to get private mortgage insurance just in case. No job is 100 percent reliable and if you have to relocate or change jobs, you won’t have to worry about your house payment if you happen to go a week or two without pay. It’s better to be safe than sorry.

There are many financial institutions that specifically deal with sub prime lenders. This means they know how to help those with poor credit. Some banks also offer prime and sub prime mortgages because they know their community well and some areas just don’t have the types of jobs that prime mortgages will need to ensure their monthly payments. It can be embarrassing to go to a local bank if you live in a relatively small town so you may want to choose a sub prime only lender.

Above all else, don’t lie to your lender. If you tell them you are a supervisor of a power plant and they find out you are a UPS man who has only had the job for 6 months, you will be totally screwed. Be honest and your lender will do their best to work with you. Look for a good mortgage calculater online to work out what price is right for you!

Dear reader thank you for reading my article about mortgages, I also write about mortgage calculater and about best mortgage deals, I hope you find the information useful!