A mortgage is necessary if you are planning to buy a home. Some of the things you need to keep in mind before going for a mortgage hunt are: 鈥?If you are ready to wait for your dream home in exchange for a better deal it is always advisable to invest in real estate during the time of economic downfall. It is a well known fact that mortgage rates are always lower during times of economic recession. Not just the interest rates but the prices of property are also generally lower during these times which mean you need less money that results in more savings. The recent crisis in economy has also seen a large number of people investing in real estate market. 鈥?It is always better to pay as much amount as possible in the form of down payment. Large down payment means the lesser mortgage you take which means the lower interest you pay. 鈥?Credit history or credit score is a very important factor in determining your mortgage rates. A good credit history automatically ensures you a lower interest rate whereas a poor credit history means that you will be paying far more than what you should actually pay. Improving your credit score can be pain taking but it is the pain you should be ready to bear. 鈥?Try to avoid paying points on top of your mortgage installments. Paying unnecessary points just decrease your down payment thereby increasing the overall amount you pay. Last but not least, remember you will find hundreds of companies offering housing finance at very attractive mortgage rates. But you should first go to the internet and compare each one of them before going in for any option. You will also find reviews about their services which will help you a lot in deciding which one is best suited for you. So be wise, money wise. Chris has written this article and likes to share articles on topics like Mortgage Rates and UK Mortgage Calculator.