For most of us the option to refinance is not even exist.

you need to put a lot of money as a down payment even if you have great credit, and then you need to really think about it because your real estate value will probably drop by the time you will make the first payment.

I wanted to share with some of you that are thinking about refinancing but are not so knowledgeable about the mortgage industry.

here I would like to give you some tips before you search for a Loan.

most important it's to watch your credit, today it's really hard to get any loan (loans from credit cards, auto loans and mortgage loans) without good credit.

Make sure that you don't have any late payments on your credit cards, auto loans and specially your home mortgage.

Everywhere in america today the first thing any creditor would do is to look at your credit so you need to watch your credit.

Another important issue to get a Mortgage is your income, before thinking about applying for a loan you need to think about how much you can afford to pay your debt.

Big mistake, actually huge mistake that most of the homeowners did in the past 4 years is to take too much debt onto them selves.

Today they can't pay this debt anymore so they're in a position of loosing their homes, loosing their cars and loosing their opportunities to be able to get mortgage again.

Very important thing to know is the right broker and the right lender you will work with.

You're spending most if not all of your savings to buy your dream home and to build your family there,no?

You most definitely need to trust your broker or lender.

Ask lots of question, gain some knowledge, If you have a broker great but if you don't so ask friends and people that are close to you.

People that know you will try to help you not to harm you.

Last thing after you've did qualify to a great loan, read the loan documents before signing anything.

I know it's a lot of papers to read but you must at least read the hand written parts.

So again:

1. Good credit- you need at least 680 fico score to qualify for a good mortgage Loan, of course it will be much better if you had 700 and above fico score.

2. Enough income- you need enough to cover the payments of your mortgage, credit cards, auto and all the rest of the debt and still have some money in your pocket.

3. Knowledge highly important- knowledge is very important.

So no Bank or Broker out there will take advantage of your money.

4. Hire The right broker or lender- you need someone that can guide you to build a dream and not destroy it.

5. Read the loan documents before signing- loan documents are the final documents you need to sign.

The terms and the interest rates shown on the loan documents will stay with you as long as you keep this Loan.