The Bridgewaters, Massachusetts

Here are 8 financing tips:

1. Don't Stretch Your Loan Qualification Limits to Buy a Home Beyond Your Budget
   
   Living poor just to own a bigger or better home, makes for larger mortgage payments and risks difficulties in the future.
   
   
2. Get a Written Confirmation of Your Locked-In Interest Rate and Interest Rate Terms
   
   
3. Understand All the Conditions of Your Loan
   
   You or a professional that you trust should thoroughly scrutinize each document.
   
   
4. Understand the Unique Terms of Your Loan
   
   There are many types of mortgage loans out there. Make sure you understand the details of your particular type of loan.
   
   
5. Pick the Right Kind of Loan
   
   Rates are higher on 30 year loans than on comparable 15 year loans. That's because there is a greater risk that rates will go up the longer the lender commits to a fixed rate.
   
   
6. If You're Buying Rather Than Refinancing, Consider Getting a Pre-approved Mortgage or Contingent Loan Approval Letter
   
   The former is a binding commitment for a loan up to a certain amount. It can strengthen your negotiating position with the seller, but it puts pressure on you to close a deal before the loan commitment expires.
   
   
7. Save Everything
   
   Keep copies of everything you send the lender and everything the lender sends you.
   
   
8. Take Advantage of the Deduction
   
   The mortgage interest deduction is one of the few remaining tax deductible interest payments, and it's also the cheapest form of long term financing.