Buying a house is the most important financial decision an individual will ever make in their lifetime and a mortgage to pay for it will be the most money one will ever borrow. It is often a daunting task to think about it in those terms but that is the reality and it is also why you need a plan to make sure you don't get in over your head and to ensure that your family is not only well sheltered from the weather but from financial insecurity as well. If you have a down payment and a steady income and if you have even a fair credit record then you should have little difficulty getting a mortgage. Just go to your normal bank and ask them for a quote. Then check around with a few other financial institutions to see if they will give you a better rate. If they do give your bank a chance to match it and they often will. Then you are all set to go house shopping. If however you don't have a down payment, work on your own, or have a poor credit rating then you may have to be more creative to get a mortgage. If you don't have a down payment you may have to seek a special loan to top up your mortgage. Even if you can afford the mortgage payments most lenders will not lend you the full 100% on a mortgage. Talk to a mortgage broker or search on the Internet for companies that might be willing to provide this loan to you. The other thing you can do is wait and save the down payment before you buy a home. If you work on your own or are self-employed you can still get a mortgage but you will have to show that you have been in business for yourself for at least two years and they may ask for copies of your tax returns to prove it. Even then not all banks will provide mortgages to self-employed individuals so shop around or research on the Internet until you find one that meets your needs.
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