If you are thinking of buying a home and are in the market for a home mortgage, you’d better start doing your homework right now. The reason is pretty simple – things have changed and the days of easy home mortgages are gone.

Getting mortgage money was relatively easy just a few short months ago. That was When house prices were steadily rising and homes were selling practically before they were listed. But that was then and this is now. Things have cooled off a lot, and with a slow down in the real estate market has come higher interest rates along with tougher conditions for getting mortgage approvals. You need to find thebest mortgage advisor via www.loanmarketparamount.co.nz/mortgages-and-loans/business-loans/ to get the best deal.

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Perhaps most important, interest rates have been rising slowly for a number of months. This may not seem like a big deal if you are new to the home buying market. But on a large home mortgage, even a small interest rate increase can make a very big difference to your payment.

In most cases, the interest rate can even make the difference between being accepted or rejected for a home mortgage. That’s because in order to qualify for a home mortgage your ability to afford the payment is one of the most important criteria for getting approval. And a higher interest rate could easily put the payment out of reach.