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There's a general attitude that a mortgage is a mortgage; they are interchangeable.

Most of us are so focused on and spend so much time looking for that perfect house that we often accept the first mortgage that is offered to us. That's like saying a bungalow is a bungalow, or a car is a car. It's important to remember that you could wind up spending as much time with that loan as you do with that home, and that both should be a comfortable fit. So, in the same way that you sat down and figured out what you could afford, what you wanted, and what you absolutely had to have in a home, you need to do the same in a mortgage. Before you even start looking at houses, you should figure out how much you can afford to pay … and how much you are willing to pay. They are not always the same. You know what makes a house comfortable, and that's what you are looking for in a home. You'll be living with the monthly payment on it for years, so you should find one that is a good match for you.

To find out how much of a loan you could conceivably qualify for, go to www.interest.com and click on calculators. Once there, click on the Mortgage Required Income Calculator, the Maximum Mortgage Calculator, and any of the other calculators that will help you determine what the number crunchers say you can afford. Then, look at your own lifestyle, future plans and expenses, and figure out how much you are comfortable paying not only now but in the future.

Real estate agents are sales people. The more they can sell you, the higher their commissions will be. As a result, they automatically tend to show those homes at the higher end of your loan limit. What you need to do is tell them the price range you want to stay in, and, if they don't show stick to your parameters, change agents. Now let's look at the different types of mortgages and see which one is right for you. There are two general categories: fixed rate and adjustable rate.

If you figure you are going to be in the home for the long haul (at least seven to 10 years), and you don't want to worry about what the mortgage rate will be in the future, a fixed-rate loan is probably your best bet. No matter how high interest rates might go in the future, you are locked into that rate for as long as you keep the loan. You always have the option to refinance if the rates drop, but you are protected if they go up. While most of us tend to think in terms of 30-year fixed rate loans, you can also get them for 10, 15, 20 or 40 years. The shorter the life of the loan, the higher your monthly payment will be, but the less interest you will pay. You also build up paid equity more quickly with a shorter-term loan.

If you figure you're going to be moving in a few years, or if you are looking for the lowest interest rate and payment you can get, and don't - or can't afford to - worry too much about what the future may bring, an adjustable-rate mortgage (ARM) might be your best deal. The most common ARMs come in one-, three- five- and seven-year varieties. Once the initial period is over - one year, three, five, or whatever - your interest rate will adjust according to the index and margin stated in your loan. Depending upon your loan, it could continue to adjust every year thereafter. The shorter the initial term of the ARM, the lower your initial interest rate will be.

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