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Getting a mortgage is not as easy as it used to be.

Since the mortgage crisis, lenders have begun evaluating mortgagees on a whole new level.

If you’re going to successfully navigate the mortgage market today and come out of it a new homeowner, it helps to have some mortgage 

Keep reading for 10 tips that will make this process easier.

#1: Understand Credit Score

It’s not enough just to know your score — even though you really should.

You have to know what that means for lending. If you want a conventional loan, the higher the score the better in terms of interest rate and lending options.

But to get a mortgage with bad credit, government-backed loans are a good option.

#2: Know Your Down Payment

Some conventional lenders would prefer 20% down for optimal interest rates.

Then there are VA loans, which are government-back and require $0 down for qualified buyers. There’s something for every budget and financial situation if you follow these mortgage tips.

#3: Get a Loan Estimate

Estimating your loan just takes a little math:

To qualify for a loan, lenders want your total monthly housing payment to be less than 28% of pre-tax income, and want your debt payments to be less than 36%. This becomes the basis for your estimate of what you can afford.

#4: Live Within Your Means

This phrase is never more accurate than during the home buying process. Even if you qualify for a larger loan, always think about what you can reasonably afford.

#5: Never Shop Without Pre-Approval

Most Realtors(R) prefer not to work with buyers that aren’t pre-approved.

Securing a pre-approval shows you are serious about buying, helps you get quality representation and lets you know how much you can expect to spend.

#6: Negotiate Closing Costs

Closing costs, which are about 3% of a total mortgage value, don’t have to come out of the buyer’s pocket. Negotiate before you get to the closing table so the seller pays some of your closing costs.

#7: Don’t Ignore Government-Backed Loans

Traditionally, buyers want to go conventional. But if bad credit means that’s not in the cards, don’t fret. VA and FHA loans are available for select buyers with credit issues. Find out how to qualify here.

#8: Lender Shop

Homebuyers get caught up in the process and forget to do their homework and shop around for the best loan. But lender shopping can mean a loan with a lower interest rate, or one that knocks off points to remain competitive. Always shop around for the best rates when it comes to your money.

#9: Plan for the Unplannable

Home transactions rarely go through without a few bumps in the road.

Between underwriting requesting every document you’ve ever had, and sellers trying to negotiate out of repairs, it can give a homebuyer anxiety.

But stay positive. Plan to be surprised, and look at each challenge as a life lesson.

#10: Refinancing to a 15 Year loan

If you’re already a homeowner, refinancing from a 30-year loan to a 15-year loan can save you thousands of dollars in interest.

Hope You Enjoyed These Mortgage Tips!

Homebuying can be a stressful time for many homebuyers. But it doesn’t have to be. Buy like a pro when you follow these steps