When it comes to getting a mortgage there are many things to think about. A mortgage is essentially a loan taken out to purchase a property. The loan is secured against your property so if you should fail to keep up with your mortgage payments your home could be repossessed.    Taking out a mortgage seems like a simple enough process. In theory, all you need to do is approach your bank or a specific mortgage-lender and prove you’ll be able to make monthly payments. The company will check that the amount they’re lending you is correct for the property you’re looking to buy and then they can grant you the mortgage. Most places will need a deposit from you. The higher the deposit you can afford to pay, the lower the interest rate of the mortgage. This means that if you can afford to, dropping a higher deposit than required is always a good idea.   As with most loans, there are two parts to your mortgage. You’ll have to pay back the agreed upon amount as well as an interest rate. It’s important to compare mortgage interest rates so you can find the best deal possible for you and your family. Sometime rates can be fixed, but they can also be variable. It entirely depends on your mortgage provider, so make sure you fully understand exactly what you’ll be paying back and when.   The mortgage system is all well and good, but being accepted for a mortgage can be difficult. Due to the economic crisis, banks and mortgage specialists are becoming less and less willing to accept people, especially those with a less-than-great credit score. You’ll need to check your credit file before beginning to look for a suitable mortgage. If improvements are needed it’s important to get working on that immediately so you’re less likely to be rejected when you apply for your mortgage.   It’s important to make sure that you’re absolutely sure you’ll be able to keep up with your proposed mortgage payments before you sign anything.  Not keeping up with your payments will negatively affect your credit, and you could even find yourself in arrears. In the worst-case scenarios, your home could even be repossessed. If this happens you’ll struggle to be accepted for a mortgage in the future, so if you have any doubts as to whether or not you can make your payments on time, you might want to reconsider your purchase.   There are many different ways you can go about applying for a mortgage. High street banks offer mortgages, but you won’t find too much of a selection. If you’re really looking for the best available rates then take your time with the research. Try going through a mortgage broker – this will help you ascertain who is going to be the best provider for you and your family. Comparing mortgages can be a lengthy and taxing process, but it’s definitely one to take your time with so as to avoid going into arrears and risking both your house and your credit score. Don’t be sucked in by cheap offers. Make sure you read and understand all of the fine print on any mortgages that interest you. If your interest rate is variable it’s important you understand exactly what will affect the monthly rises and falls in price, so you can avoid being stuck for cash when it comes to paying off your loans.