Most people don’t have thousands of dollars in their bank accounts to purchase a house. Luckily, mortgages make it possible for you to spread out that cost out over 15 to 30 years. There are dozens of options when it comes to finding a mortgage lender, so take the time to consider all of the companies and banks in your area. Once you’ve chosen the best lender for your home purchase, here are some tips for working with a mortgage lender:

Tip #1: Read every document thoroughly before signing.

Some mortgage lenders are extremely honest. Others are not, though they may seem very nice when you meet with them to talk about your mortgage. No matter what you verbally agree on when talking with your lender, in the eyes of the law, only the document you sign matters. Some mortgage lenders will talk about benefits that they never include in the document, change terms you specifically wanted, or include clauses that you never talked about in the first place. It isn’t always unethical – sometimes, lenders just use a basic document and it is your responsibility to ask for changes if you want them.

Before you sign any document make sure to read it carefully. In addition, if the contract leaves your site after you’ve read it and before you’ve signed it, read it again. A mortgage lender who leaves the room to "make copies" could replace the contract with something different.

Tip #2: Remember that every point is negotiable.

Don’t fall into the trap of thinking that the mortgage lender is doing you a favor by giving you a mortgage. This is a business, and they are making money from you whenever you pay interest. You don’t just have to sit in the meeting and be told how your contract will be laid out. Every single point is negotiable. Of course, the lender has the right to say no. The ball is somewhat in their court. However, if you see something you’d like changed, all you have to do is ask. If you’re willing to negotiate a higher interest rate, lenders are usually willing to give in to some of your demands.

Tip #3: Ask questions.

If you are unclear about something, ask questions. Trust me, lenders won’t think that you are stupid – they hear hundreds of questions every day. Thousands of people right now are in bad mortgage situations due to balloon payments that they didn’t understand. While it was unethical for mortgage lenders to take advantage of this lack of knowledge, much of the blame falls on the homeowners who never asked questions about terminology they didn’t understand. To avoid foreclosure, many people were forced to refinance at extremely high interest rates, filling lenders’ pockets with cash. Don’t let this happen to you – ask questions, even if it means spending a few hours meeting with your lender.

Tip #4: Be honest with your mortgage lender from the start.

When you’re getting approved for a mortgage, you’ll go through a process called underwriting. An underwriter will look at your credit, your monthly income, your work history, your assets, and more to recommend to your lender an interest rate and total mortgage approval. Yes, there are ways to lie about your finances, but underwriters usually figure out the truth. It always pays to be honest with your mortgage lender from the start so that you know where you stand in terms of interest rate and loan approval.

Tip #5: Know the deadlines and observe them.

When you’re working with a mortgage lender, your rates won’t stay the same forever. Most mortgage lenders give you a mortgage interest rate and approve you for a total amount – but within a time limit. You can’t be approved and then come back to the mortgage lender five years later and expect to purchase a house based on those initial figures. Good faith estimates, which outline your closing costs, are also only good for a set amount of time. These aren’t "deadlines," but if you miss the dates, you’ll find that the rates will changes and you may not be able to get the house of your dreams anymore.

Tip #6: Do your own research.

No matter how great your mortgage lender may be, do your own research so that you have a working knowledge of the mortgage industry. The Internet is a great place to start, but remember to use reputable sites rather than reading information about mortgage in forums where anyone can post whatever they want, even if it is not true. Do your homework, and when you work with a mortgage lender, you will be prepared enough that the process should go smoothly.