These tips were provided by Denise Wing of Academy National Mortgage. To contact Denise visit her website at  or give her a call at 303-987-0622.
Finding the mortgage product that fits your lifestyle and financial situation is crucial to any refinance or new home purchase. If you are one of the many looking to take advantage of the current low rates and discounted homes on market, read these 4 tips before making your next mortgage decision.
Get acquainted with mortgage basics
Get educated! Borrowers should know terminology and mortgage basics before they shop. By knowing mortgage lingo and market conditions you can be sure to understand the terms of the mortgage product and discuss any concerns or questions you may have with your Academy National Mortgage Corporation mortgage specialist.

Know your credit score
In order to get the best interest rate possible, you’ll want to ensure your credit score is up to snuff. Request your free annual credit report and amend any discrepancies before applying for a mortgage. Addressing any issues on your credit report prior to applying for that loan will allow you to take advantage of more desirable mortgage rates and products.

Shop your product options
It’s always tempting to simply pick the product with the lowest interest rate, but buyers should also consider closing costs and points before locking into their new loan. Work with your mortgage professional to determine the mortgage products that best fit your financial situation and loan needs.
Though conventional loans (which require a 20% down payment) are typically the most desirable, a mortgage insured by the Federal Housing Administration (FHA) may be more feasible. FHA insured mortgages almost always require mortgage insurance which is paid for by you, the borrower, in return for issuing a minimal down payment (typically 5-10%) and less restrictive qualifying requirements..

Know the market trends
Mortgage rates adjust daily. If you find a low rate on a loan you like, consider getting a rate lock. A rate lock reserves that interest rate for a certain number of days and can protect you from a rise in the interest rate which may potentially increase your monthly mortgage payment.
Remember, after you’ve locked the rate, you’ll want to work closely with your Academy National Mortgage Corporation mortgage professional to ensure your loan will close before the lock period ends.