Shopping for a mortgage is the first step toward owning a home and perhaps the most daunting, especially if you are not prepared. Once a simple task that meant comparing fixed rates from among perhaps a dozen or fewer savings and loan companies, the mortgage hunt today is like finding your way through a maze since there are dozens of loan types and hundreds of loan programs available through mortgage brokers, bankers, lenders, finance companies and credit unions.

Since a home may be the largest purchase you will ever make, choosing the right mortgage company is a very important decision. Which of the many Mortgage lenders in Trinidad is best for you? The answer may take a little effort through homework, research and telephone shopping, but the results will be worthwhile. The more you know about out mortgage lending increases your ability to select the financing that meets your particular budget and lifestyle.

Q: I am a 24-year-old, stay-at-home mom. In the past, I've had poor credit but have since paid off all bad debts. I am using my student loan as a source of credit to prove I can pay off my current debts. My husband, on the other hand, has perfect credit. He has never missed a payment and pays in full every month. How will my history affect us trying to buy a home in two years? -- Christine

How To Establish Credit: You may not realize it, but if you have recurring bills such as rent and utilities, you already have a credit history. If they are paid in a timely manner, rent, car insurance, medical, cable television and telephone bills are all indications that you are a good risk. Keep copies of the bills and your canceled checks, and ask your landlord, insurer and power company to write letters on your behalf stating how long you've been a customer -- two years or more is best -- and that you pay on time.

Most home owners refinance to save money month-to-month, but unless you do the math before you trade in one home loan for another you could be wasting both time and money. What you truly save is based on how much the new loan costs and how long you'll be in the home. Here's what you've got to consider... Costs: Add up ALL the costs, which could include points, and fees for the application, loan origination, appraisal, attorney, extra insurance, inspections etc.