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Some insider tips on taking out a mortgage By Melissa Wirkus

Taking out a mortgage can be a very overwhelming process, especially if it is your first time. But it really doesn’t have to be. If you research the mortgage process before you even start and find a reputable and helpful lender and loan officer; you should find the whole process painless and you may even learn some stuff in the end.
But even if you spend hours scouring the Internet and reading books on mortgage advice, it is always more helpful to get some tips from the inside.
A recent article posted on Totalrealestatesolutions.com, “The nine most common mistakes to avoid when obtaining a home mortgage,” gives some insider information on things to do and things to avoid when completing a mortgage transaction.
“You are about to make what will most likely be the largest transaction of your life: your home mortgage. Unfortunately, many homebuyers do not take the time to research some of the little but weighty intricacies of mortgages. Researching the mortgage process takes little time compared to the tens of thousands of dollars it could save you.”
“Doesn’t it make sense to become as completely informed as possible before you buy your next home? Remember that the right lender can help you make good, sound business decisions based on your personal financial situation.”
That is the first step in taking out a mortgage, to find a lender who you can trust fully. One good way to do this is to thoroughly research the company you are working with and to get some testimonial from customers who actually worked with them for their home loan or refinance.
The next thing you need to do is decide whether a fixed-rate mortgage or adjustable-rate mortgage (ARM) is best for you. 
A fixed-rate mortgage has an interest rate that stays the same for the life of the loan and an ARM has a fixed-rate in the beginning and then adjusts to the current market standards.
Both of these are good loan products, and a LEI mortgage coach can help you choose which one is best for your specific circumstances.
“Conventional thinking is that fixed is always better and while this is sometimes true, it is not always the case. The key here is to ask, ‘How long am I going to live at this property?’ An ARM can actually be a better choice if you are going to be in the home for a short time. The average for how long a first time homebuyer keeps their mortgage is less than four years.”
One thing to consider is when to lock the interest rate on your loan.
If you are working with an LEI mortgage coach, they will be able to guide you on the right time to lock in your interest rate.
“Deciding when to lock in to a mortgage rate can be difficult. Many people will float, trying to guess when rates have hit bottom. Unfortunately, a lot of times they will wait too long and end up with a much higher interest rate.”
“There is nothing wrong with floating but keep a close eye on economic indicators. Your daily newspaper or even the nightly news can be an excellent source of information on the latest interest rate activity. As closing nears, it might be worth locking in.”
These are just a few things to keep in mind throughout the mortgage process to help things run a little more smoothly and stress-free.

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