Mortgage rates are on the rise, and borrowers really can?t afford to wait long to take out a mortgage? Here are ten mortgage tips for borrowers in 2014 to keep you on top of your game!

?1.?Act quickly to get a good rate.?Interest rates are likely to rise in 2014. Lock in a low rate while you still can!

?2.?Look into refinancing now.?You may still have a chance to save money with a refinance. Check with a lender now to evaluate your situation.

?3.?Keep your records in order.?New regulations in 2014 will require lenders to examine borrowers more closely than in the past. You will need to have good financial records to show that you are able to make the mortgage payments.

?4.?Use the competitive market to your advantage when you buy.?Mortgage lenders are more dependent on new homebuyers for their business in 2014 than they?ve been in a while. As a buyer, this fact gives you a significant advantage as you encourage lenders to compete for your business.

?5.?Pay careful attention to your spending.?If you have too many obligations to pay, you could have trouble getting a mortgage. Watch your spending closely, and keep your debt payments as low as possible. Of all our mortgage tips for 2014, this may be the most important one.

?6.?Work on your credit.?A better credit rating always means a better deal on loans, so be careful with your credit score. Your best chance of obtaining a good deal on a mortgage is if you have a credit score of at least 720.

?7.?Know your rights before you borrow.?Borrowers in 2014 will enjoy enhanced rights due to new regulations. These rights may be useful to you, but you can?t assert your rights if you don?t know what they are!

?8.?Beware of FHA loans.?FHA loans can often be attractive for first-time homeowners, but watch out. If you carry an FHA loan you will have to carry mortgage insurance at additional cost for the life of the loan.

?9.?Keep your mortgage options open.?If you expect to keep your house for 10 years or less, consider taking out an adjustable-rate mortgage instead of a fixed-rate mortgage. This option is only viable if you know that you won?t be keeping the house long-term.

?10.?Relax and don?t overreact.?The threat of rising mortgage rates might indeed motivate you, but don?t let the pressure cause you to make a hasty decision. Choose your home carefully, and don?t buy a house until you are comfortable that it is the right one for you.