If your buying your first home and dealing with mortgages the first time here are some special tips to guide you through the process and save you money:

The interest rate may not be the end all and be all of mortgage lending.Most buyers choose the lowest interest rate they can find, but they do not know that these low interest loans have fees that can up the cost of a mortgage by half a percentage or more. So when you shop for a mortgage calculate the interest rate plus fees to see the real number.

Look at fees:

Different lends charge different amounts for the same fee, and charge fees
Other lenders do not or they have the same name for different fees.There are even lenders that charge junk fees. Junk fees are charges that don’t reflect an actual service or should be already covered under billings for other services.

Shop around:

A mortgage may be the biggest financial commitment you will have in your life, so it makes sense to shop around. Look at offers from five to six different lenders. Look at large and small banks, credit unions, and brokers. A broker sifts through loans and tries to find the best loan for you.

Use a mortgage calculator:

A mortgage calculator is one of the most valuable tools uou can have for shopping for a mortgage. It lets you Input loan amount, interest rates and fees and then calculate your monthly mortgage payment. Some mortgage calculators will display amortization schedules, which show how fast your mortgage balance can be paid down over time.