Securing your first mortgage loan is a big financial decision, and it will probably affect you for the next decade or so. To ensure you're happy with this investment long-term, you'll want to remember these financing tips. 

Check Your Credit 

The interest you pay on a mortgage loan depends greatly on your credit. The higher this number is, the lower your interest will be. So that you know where you stand financially when securing your first mortgage, you need to know your credit score well in advance. 

Fortunately, there are plenty of free websites you can use to find out this score. If it's above 800, then you won't have to do a thing. However, if it's below this 'excellent' range, then you should make attempts to approve your credit. You can do so by paying all of your bills on time, as well as decreasing debt on credit cards. 

Decide on a Loan Period Length 

Another factor you need to carefully consider is how long you want your mortgage loan term to be. A lot of homeowners today opt for a 30-year mortgage, as it makes their monthly payments much more affordable long-term.

However, if you're looking to pay off your home as quickly as possible and thus save money on interest, then a 15-year mortgage may be best. You'll just need to make sure you can afford the higher monthly payments. It helps to consult with a financial advisor before selecting a shorter loan period, so you don't face financial stress later on. 

Compare Rates 

Mortgage lenders charge different rates for their mortgage loans. As such, you need to compare these rates so that you find the best deal for your financial situation. The best way to approach this is to go online and track down some mortgage companies.

They should have fill-in-the-blank calculators that you can use to get mortgage estimates. Once you've gathered several quotes from different lenders, see which one is the most affordable. Just keep in mind there may be additional fees that these calculators aren't taking into account. If you want a more accurate quote, you can always call mortgage lenders directly or set up in-person meetings.

Taking out a mortgage loan may seem like a stressful situation, but it can actually go smoothly. You just need to go into this process informed and only make a decision once you're comfortable with all of the terms.