Home Mortgages 101: What You Need To Know

TIP! Start preparing for home ownership months before you are ready to buy. If you plan to buy a house, you have to get your finances ready as soon as possible.

Getting a home mortgage can be tough for a lot of people because they don’t understand how they work. This article is to help you learn more about obtaining a home mortgages. Continue reading and learn more about finding the ideal mortgage loan.

Get pre-approval to estimate your payments will be. Shop around some so you can see what you’re eligible for. Once you determine this, you can easily calculate monthly payments.

TIP! Pay off your debts before applying for a mortgage. When you have a low consumer debt, you can get a mortgage loan that’s higher.

If you’re working with a home that costs less that the amount you owe and you can’t pay it, refinancing it is a possibility. The HARP initiative has been rewritten to allow homeowners to refinance no matter what the situation. Speak with your mortgage lender to find out if HARP can help you out. If your lender is still not willing to work with you, make sure you find someone else who will.

Pay Stubs

TIP! It is vital that you communicate with your lender when you run into any financial difficulties. Many purchasers are afraid to discuss their problems with a lender; if you are in financial trouble try to renegotiate the terms of your loan.

Get key documents in order ahead of applying for a loan. Most lenders require you to produce these documents at the time of application. These include your W2s, pay stubs, and recent pay stubs. The whole process goes smoother when your documents are all in order.

TIP! Refrain from spending excessively while you wait for your pre-approved mortgage to close. If a lender notices lots of charging activity before your mortgage is a done deal, they could change their mind about lending to you.

Know what terms you want before you apply and keep your budget in line. No matter how great a new home is, if it makes you unable to keep up with your bills, you will wind up in trouble.

TIP! You are going to have to put down an initial payment. Some banks used to allow no down payments, but now they typically require it.

You should plan to pay no more than thirty percent of your gross monthly income in mortgage payments. Paying a lot because you make enough money can make problems in the future. Keeping yourself with payments that are manageable helps you to have a good budget in order.

TIP! Do not give up if you had your application denied. Instead, visit another lender and apply for a mortgage.

Make sure you find out if your home or property has decreased in value before trying to apply for another mortgage.Even if your home is well-maintained, the lending institution might value it much differently, which could make you less likely to get your second mortgage.

TIP! There are some government programs for first-time home buyers. This can help reduce your costs and find you good rates.

Just because one company denies you are denied once doesn’t mean you should lose hope. One lender does not doom your prospects.Keep shopping around until you have exhausted all available options. You might need someone to co-sign the mortgage that you need.

TIP! Take a look at the past property tax payments on any house you are considering buying. This is important because it will effect your monthly payment amounts since most property taxes are taken from escrow.

Check out several financial institutions before you pick one specifically for your personal mortgage. Ask loved ones for recommendations, their rates and about any of their hidden fees they have in their contracts.

TIP! Mortgage brokers look at your credit and like to see a few different cards with low balances and not a couple cards with high balances. Try to have balances that are lower than 50 percent of the credit limit you’re working with.

Figure out the mortgage type of home loan that you need.There are different types. Knowing about different types of mortgages and comparing them makes it easier to decide on the type of mortgage appropriate for you. Talk to a lender about your mortgage options.

TIP! Find out what type of home mortgage you need. There are several different sorts of home loans.

Balloon mortgages are the easier ones to get approved for. This is a shorter term loan, and the balance owed on the mortgage needs to be refinanced when the term of the loan expires. This is a risky due to possible increases in rates or your financial health.

TIP! When looking for a mortgage, do not limit yourself to banks only. One example would be borrowing from a loved one, even if this is just for a down payment.

Adjustable rate mortgages don’t expire when their term ends.The new mortgage rate is adjusted accordingly using the rate on the application you gave. This may end up paying more interest.

TIP! Be careful of dealing with mortgage lenders who are less than honest. A lot of lenders are legitimate, but some will try to bilk you for everything you have.

A broker might be able to locate a mortgage that is suitable for you. They work with many lenders on your behalf and can guide you in making the best choice.

Monthly Payment

TIP! Make sure to have lots of money in savings prior to applying for your home loan. There are many costs involved when purchasing a home and securing a mortgage that you will have to pay out of pocket before moving in.

If you are able to personally afford a little bit higher monthly payment towards your mortgage, try getting a 15 to 20 year loan. These loans have lower interest and monthly payment. You are able to save thousands of dollars over a regular 30-year loan in the end.

Many sellers just want out and will help you out.You may have to shell out more money each month, but this could help you get a mortgage.

Credit Score

TIP! Settle on your desired price range prior to applying for mortgages. If you get approved for a loan bigger than what is realistic within your budget, you do get some wiggle room.

A good credit score is essential to a must for a beneficial home loan. Know your credit rating is. Fix any mistakes in your own credit reports and keep working to raise your credit score. Consolidate small obligations into one account that has lower interest charges and more towards your principle.

TIP! Once you have an approved loan, you might be tempted to lower your guard. Don’t take on new debt unless your mortgage is closed.

Make sure your credit report is in good condition before applying for a loan. Lenders want customers that have great credit.They need to see that you are going to repay your loan. Tidy up your credit report before you apply.

TIP! The best way to negotiate a better rate with your current lender is by checking out what other banks are offering. Many people are surprised to learn that some banks, and especially those that are not Internet-only banks, offer rates that beat those of larger banks.

If a lender approves you for a larger amount than what is affordable for you, you won’t have much wiggle room. This can cause future financial hardship down the line.

TIP! The rates you see posted at a banking institution are mere guidelines, and are not set in stone. Ask each lender about their rates and what the best offer they can make to you is, then compare your options.

Do not fiddle with your credit until your loan is fully closed. The lender may check your score again before making the final loan is approved. They may take your loan back if you have since accumulated additional debt.

TIP! Visit the local library for books about home mortgages. It will not cost you anything and it can help you learn everything about mortgages and how they work.

Most people have no idea about the mortgage process. It isn’t hard to navigate when you know what you’ve learned from this article. Make sure you remember all you’ve read when you go to get a home mortgage.

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Home Mortgage Basics That You Need To Know

The tips can set you find a great path.

TIP! Pay off current debt, then avoid getting new debt while you go through the mortgage process. If your other debts are low, you will get a bigger loan.

Pay down the debt that you already have and don’t get new debt when you start working with a mortgage. High debt could actually cause your mortgage loan application. Carrying debt could cost you a bunch of money via increased mortgage rate.

TIP! There are new rules that state you might be able to get a new mortgage, and this applies even though you might owe more on your home that what it is worth. This new opportunity has been a blessing to many who were unable to refinance before.

You need to have a stable work history to get a mortgage. A lot of lenders need at least 2 steady work history is important to mortgage lenders. Switching jobs often can cause you to be disqualified for a mortgage. You never want to quit your job during the application process.

Many homeowners may give up on their problems with a lender; if you are in financial trouble try to renegotiate it. Be sure to call the mortgage holder.

Your loan can be denied by any new changes in your financial situation. You need a secure job before applying for a mortgage.

TIP! Before you attempt to get a mortgage, it is wise to have a budget in mind. This way you aren’t stuck agreeing to something that you cannot handle in the future.

Have your financial records before filling out the application for a home mortgage. Most lenders require basic financial documents. They want to see W2s, bank statements, latest two pay stubs and income tax returns. The mortgage process goes smoother when your documents are all in order.

TIP! Be sure and determine if your property has declined in value prior to applying for a new mortgage. Even though you might think everything is great with your home, the lending institution might value it much differently, and that may hurt getting approved for the mortgage.

Create a budget so that your potential mortgage is not more than thirty percent of your income. Paying a mortgage that is too much can cause financial problems for you. Keeping your payments manageable will allow you keep your budget in order.

TIP! Become educated about the property taxes on the property you are considering buying. You must be aware of the cost of taxes prior to signing your mortgage papers.

Make sure you find out if a property has decreased in value before trying to apply for another mortgage. The home may look the same or better to you, and you need to know if that is the case.

TIP! Locate the lowest rate for interest you can find. The goal of the bank is to lock you in at the highest rate that they can.

Do not let a single denial keep you from finding a mortgage. One lender does not doom your prospects.Keep shopping around and explore all available options. You might find a co-signer can help you get the mortgage.

TIP! After you have your mortgage, try to pay down the principal as much as possible. This will help you pay your mortgage off much faster.

Think outside of banks if you want a mortgage. You can also be able to work with a credit union because they often have great rates usually. Think about your options when looking for a home mortgage.

TIP! Find out how to avoid shady mortgage lenders. Some will scam you in a heartbeat.

Many brokers can find a mortgage that fit your situation better than these traditional lenders can. They work with a lot of lenders and can give you guidance in choosing the best decision.

Monthly Payment

TIP! You should be honest when getting a loan. One lie and you could lose your mortgage.

If you are able to personally afford a little bit higher monthly payment towards your mortgage, consider a 15 or 20 year loan. These short-term loans have lower rate of interest rates and monthly payment. You might be able to save thousands of dollars over a traditional 30 year mortgage.

TIP! Make sure your credit report is in good condition before applying for a home mortgage. In today’s tight market, lender want borrowers with clean credit histories.

Have a good amount in savings account prior to applying for a mortgage. You need money for down payments, closing costs and other things like the inspection, fees for applications and appraisals. The more money you are able to put down, the more advantageous your mortgage terms will be.

TIP! Compare brokers on multiple factors. Clearly, you are interested in finding a low interest rate.

A high credit score is important for getting the best mortgage rate in our current tight lending market. Get credit reports and make sure their information is correct. Banks typically don’t approve anyone with a score lower than 620 today.

Many sellers just want out and will help you out.You may have to shell out more money each month, but this will enable you to get a mortgage.

TIP! Ask if you qualify for a better rate. If you do not muster up a bit of courage, you could end up paying on your mortgage for many more years.

Look through the Internet to finance a mortgage. You used to have to get a mortgage from a physical institution anymore. There are a lot of great lenders who have started to do business on the Internet. These lenders are not centralized and can process your application a fast and efficient manner.

TIP! Be careful before you sign a loan that has prepayment penalties. If you have excellent credit, you should not give up this right.

You must make sure that you keep your credit to get a decent loan. Know your credit rating is. Fix any mistakes in your own credit reports and keep working to raise your score. Consolidate small obligations into one account that has lower interest and more towards your principle.

TIP! Know that your lender is going to want you to provide them with a few different documents. You want to be organized, which is a good reflection on your responsibility, and makes the whole process go more quickly.

Clean up that credit before you go shopping for a loan. Lenders in today’s marketplace are looking for people with excellent credit. They need to be assured that you’re good at paying back money you will repay your loan. Tidy up your credit report before you apply.

Closing Costs

TIP! If you’re thinking of changing lenders, do it carefully. Some lenders reward loyal customers with better deals than those offered to first-time customers.

Compare multiple factors as you are shopping for a mortgage broker. A great interest rate is what you want. Think about closing costs, such as closing costs and down payment requirements.

TIP! When seeking out a mortgage lender, check with family and friends to get good advice. You can get an idea of how honest a mortgage broker is by asking your friends or relatives about their experience.

Think about getting a home mortgage where you pay every 2 weeks. This lets you make an additional two payments and reduces the time of the loan. It can be great if you are paid once every two weeks since payments can just be taken from your account.

TIP! Get all promises in writing. Whether it is a lender quoting an interest rate or offers from a mortgage broker, having it in the form of an email or hard copy is necessary.

A seller may accept your lender will tell sellers that you are serious about buying a home. It shows your financial background has been checked out and you are ready to go. If it shows a higher amount, the seller knows you can pay more.

TIP! Make your credit look the best it can before you apply with a mortgage lender. Reduce your overall debt and always make bill payments on time.

The right way to negotiate a low rate is to comparison shop. Many lenders could offer lower interest rates than what a traditional bank will. Use these as you pursue a better interest rate with your preferred lender.

TIP! The minute you get offered the rate, get it locked in via having it written. Mortgage rates are at an all-time low, so you can look forward to a long process.

The Internet is something you to research the lenders you are going to work with. You should check message boards and online reviews when you want to weed out the lenders to reject. Read what borrowers say about the lenders before you decide to apply with them. You may find that this research about various lending practices.

TIP!

You need to keep in mind that loans carry risk and home loans put a lot at stake. You really must get a loan that suits your family’s needs. The ideas presented within this article should be helpful to you getting a great loan.

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What You Need To Know About Your Home Mortgage

TIP! Before applying for your mortgage, study your credit report for accuracy. The ringing in of 2013 meant even stricter credit standards than in the past, so you need to clean up your credit rating as much as possible in order to qualify for the best mortgage terms.

You need to be educated to find the basics if you want to get the best fits your need.Do you really understand the ins and outs of the various forms of mortgages and terms that a mortgage brings with it? This advice will give you some updated tips to help get you the best mortgage for what you need.

TIP! If there are changes to your finances it can cause a delay or even cause the lender to deny your application. It’s crucial that you are in a secure job position before getting a loan.

Many purchasers are afraid to discuss their home because they do not understand that they still may have options to renegotiate the terms of your loan. Be sure to call the mortgage holder.

TIP! Balloon mortgages are the easiest loans to get approved. It carries shorter terms and will require refinancing when the loan expires.

If you are unable to refinance your home, don’t give up. The HARP has been revamped to let homeowners refinance their home regardless of how underwater they are. Speak with your mortgage lender to find out if this program would be of benefit to you. If a lender will not work with you, then find one who will.

Your mortgage loan is at risk of rejection if the final stages due to sudden changes to your finances. Make sure you apply for a mortgage.

There are some government programs designed to assist first time homebuyers.

TIP! Aim for a fixed rate mortgage rather than one with an adjustable rate. You really are at the whim of the economy with a variable interest rate, and that can easily double what you are paying.

This will itemize the closing costs as well as any other fees. Most companies share everything, there are lenders that may try to include hidden charges in your closing costs.

TIP! Be sure to be totally candid when seeking a mortgage loan. If you are less than truthful on your application, there is a good chance that the loan will get denied.

Do not let a denial prevent you off course. One lender’s denial does not represent them all. Keep shopping around until you have exhausted all of your options. You might find a co-signer can help you get the mortgage.

TIP! The internet is a great place to check into mortgage financing. You don’t have to get a mortgage from a physical institution anymore.

Reduce debts before starting the home buying process. A home mortgage will take a chunk of your money, no matter what comes your way.Having fewer debts will make it that much easier to get a home mortgage loan.

Interest Rate

TIP! To obtain a home mortgage that’s good, an excellent credit rating is necessary. Familiarize yourself with the credit rating that you have.

Avoid mortgages that have variable interest rate mortgages. The payments on these mortgages can increase substantially if economic changes cause the economy; you may be facing a mortgage that’s doubled soon because of a changing interest rate. You could end up owing more in payments that you can’t afford it.

TIP! Before you try to get a home loan, spend some time assessing what price you can afford to pay. If you are approved for a bit more, you’ll have some flexibility.

If you are able to pay a bit more each month, consider a 15 or 20 year loan. These shorter-term loans have a lower interest rate but a slightly higher monthly payment. You may end up saving thousands of dollars in the end.

TIP! Your credit crisis is not over just because your loan has been approved. Don’t do anything to lower your credit score until the loan actually closes.

A good credit score is important for getting the best mortgage rate. Get three separate credit reports and check it over for mistakes. Banks typically don’t approve anyone with a score lower than 620 today.

TIP! If you are thinking about getting a new home in the near future, now would be a great time to speak with a financial institution to develop a good relationship. Paying back a smaller loan on a TV or other household items can be a smart move.

If you don’t have good credit, it is a good idea to save up a larger down payment before applying for a mortgage. It is common practice to have between three to five percent; however, but you should aim for around twenty if you want to increase your chances of being approved.

TIP! Do not be afraid to patiently wait for better loan terms. There are actually certain months and seasons where getting a loan is better for you.

Many sellers just want to make a quick sale and they can help. You will have to make two separate payments each month, but you will be able to get a mortgage loan.

TIP! Look at what other banks are offering and then you can negotiate with your current mortgage holder. Search online to find the lowest interest rate.

Speak with a broker and feel free to ask them questions about things you do not understand. It is really essential that you always understand what is going on. Be sure to provide your mortgage broker with all relevant contact you. Look at your e-mail often just in case they need certain documents or updates on new information comes up.

If a lender approves you for more funds than you can comfortable afford, you should get some room to work with. This can cause future financial problems.

TIP! Use caution anytime prepayment penalties are involved in a loan. You don’t have to sign this away if you have good credit.

Do not do anything that could negatively affect your credit in any way until your loan is completely closed.The lender will probably check your score even after they approved the loan. They may rescind their offer if you’re trying to make new car payment or get a credit card that’s new.

TIP! Always seek recommendations from friends and family when seeking a mortgage lender. You can get an idea of how honest a mortgage broker is by asking your friends or relatives about their experience.

Always speak with people and tell the truth.Never lie when talking to a mortgage. Do not manipulate figures about your income and assets.This could leave you with so much debt that you are able to pay off. It may seem good in the moment, but it isn’t.

TIP! Never use a broker who solicits your patronage. Brokers that don’t really do good at what they’re trying to do are going to be trying to get people to work with them.

The best way to negotiate a better rate is to look at multiple lenders. Many online lenders have lower interest rates than what a traditional bank will. You can mention this to your lending institution that you are shopping around in order to see if they will give you more favorable terms.

TIP! Avoid making large bank deposits that can’t be traced. If your lender sees that you have made a large deposit, he or she must ask you about it.

You don’t have to rework everything if you’ve been denied by a lender; you can simply move on to the next lender. It may not to be your fault; some lenders have a reputation for being picky. You may find the next lender accepts you readily.

TIP! Speak with the seller to see him they offer financing. Sometimes, homeowners are able to directly finance you.

Having some idea about what you are looking for with a mortgage company is imperative to put yourself in a successful situation. Avoid making a decision that could cause you to need to refinance. Make a good choice the first time so you are confident your lender is a good one.

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The Ins And Outs Of Home Mortgages

It can be overwhelming to learn about all the details of mortgage loans. There is a lot of information you need to really understand thoroughly.

TIP! Avoid spending any excess money after you apply for a loan. Before the mortgage is final, lenders like to check credit scores again, and if they see a lot going on, they may reconsider.

Make sure you do not go over budget and have to pay more than 30% of your salary on your loan. Paying more than this can cause financial problems in the future. You will have your budget better with manageable payments.

TIP! Clean up your credit before applying for a mortgage. Lenders examine your credit history closely to make sure that you are not a bad risk.

Make sure you find out if your home or property has decreased in value before trying to apply for another mortgage.Even if your home is well-maintained, the lending institution might value it much differently, which could make you less likely to get your second mortgage.

TIP! If you are buying a home for the first time, there are many government programs available to you. These government programs often work with individuals with lower credit scores and can often assist in finding low interest mortgages.

Get your financial papers in order before visiting a lender. The lender is going to need to see bank statements, banking statements, and other documentation of assets. Being prepared well in advance will speed up the process of applying.

TIP! Before seeing a lender, get all of the financial papers you have together. Some of the paperwork you’ll need includes your recent pay stubs, tax forms and bank statements.

Look for the best interest rate possible. The bank’s goal is to lock in the highest rate. Don’t be a victim to this type of thing. Make sure you do some comparison shop and give yourself multiple options.

TIP! Find out what the historical property tax rates are on the house you plan to buy. You should know how much the property taxes will cost.

Ask family and friends for advice on home mortgage. They will probably going to be able to provide you with a few warnings as well. Some might have encountered shady players in the process and can show you what not to do.

TIP! Shop for the best possible interest rate. The bank wants you to take the highest rate possible.

The interest rate will have an impact on how much you will end up spending on your mortgage payments. Know what you’ll be spending and how increases or decreases affect your monthly payment. You might end up spending more than you can afford if you don’t pay attention.

TIP! Do not allow a single denial to get you off course. Even if one or two lenders deny you, that’s no assurance that all of them are going to reject you.

Determine what sort of mortgage you need. There are different kinds of home loans. Knowing the differences between loans will help you pick the type that is best for your situation. Speak with your lender about all of the available options are.

TIP! Mortgage brokers look at your credit and like to see a few different cards with low balances and not a couple cards with high balances. Avoid maxing out your credit cards.

Reduce debts before starting the home buying process. A home mortgage is a huge responsibility and you want to be sure that you will be able to make the payments, and you should be able to comfortably afford it. Having minimal debt will make it easier to do just that.

TIP! Minimize all your debts before attempting to purchase a home. You must be absolutely certain you can live up to the responsibility of making your mortgage payments.

Think about more than banks when looking for a mortgage loan. You can also check out credit unions as they often have a lot of good rates on offer. Think about all the options available when looking for a good mortgage.

TIP! Do your homework about any potential mortgage lenders before you sign an official contract with them. Do not ever take a lender at their word.

Many times a broker is able to find mortgages that will fit your circumstances better than these traditional lender can. They work with many lenders and will be able to guide you choose the best option.

TIP! Think about other mortgage options besides banks. Family could be a cheap source of a loan, for example.

Stay away from variable interest rates.The main thing that’s wrong with these mortgages can increase substantially if economic changes cause the economy; you may be facing a mortgage that’s doubled soon because of a changing interest rate to increase. You could possibly lose your home if you can’t afford to pay.

TIP! If your credit union or bank do not want to give you a loan, talk to a mortgage broker. A mortgage broker may be able to locate a loan for your needs more easily than than the usual lenders.

A high credit score generally leads to a great mortgage rate.Get your credit scores from the big agencies and make sure there are no errors on the reports for errors. Banks usually avoid consumers with a score lower than 620.

Credit Score

TIP! In the six months before applying for a mortgage loan, cut down on your credit card use. Having many credit cards, even if you don’t carry a balance on all of them, can make you seem financially irresponsible.

You need excellent credit to get a home loan.Know your credit score is.Fix mistakes in your own credit reports and keep working to raise your credit score. Consolidate small obligations into one account that has lower interest charges and more towards your principle.

TIP! Learn all the costs and fees that are associated with your mortgage. You might be surprised at the many fees.

If you do not really have a credit history, you may need to seek alternative home loan options. Keep every payment records for up to a year. This will show that you prove yourself to a lender.

TIP! A seller may accept your offer if you have a loan approval in hand. It shows that your financial background has been checked out and you are ready to go.

The best way to negotiate a better rate is to comparison shop. Many lenders have lower interest rates than regular banks. You can mention this to your lending institution that you are shopping around in order to see if they will give you more favorable terms.

TIP! The posted rates at a bank are a guideline, not a hard and fast rule. Shop around at a competitor lender.

You should be aware that the lender is going to request a lot of documentation from you. Be sure to provide these documents quickly to help the process of obtaining a loan. Also make sure that you provide are complete. This can make the process much smoother for all parties involved.

Many lenders offer loyal customers better rates.

TIP! You should be aware that lenders ask for many different types of documentation from you. Having your financial information in order will help make the process go smooth.

Ask you family members and other people you know for advice from family and friends when seeking a good mortgage broker. You will be able to get referrals and reviews of the lenders used by asking your friends or relatives about their experience. You can still look at different options, of course.

TIP! Never quit your job if you are waiting on approval! Any changes in your financial situation can lead to a delay with the closing of your mortgage loan. The lender could even decide that you’re no longer a good risk and not lend to you.

The Internet is something you decide to research a lender. You should check message boards and look for online reviews when you want to weed out the lenders to reject. Read the comments from actual borrowers before deciding on a lender. You will learn the secrets behind some of their lending practices.

TIP! Keep in mind that a broker you deal with will receive a much bigger commission on a fixed rate over a variable rate loan. You will see them try and use shady tactics such as telling you about future rate hikes, this way they get you to lock in at the fixed rate.

This is a low-anxiety way of getting a loan. You just start making someone else’s house payments rather than getting a loan for your own mortgage. The bad side to this is that lots of money may be required up front. It is around the same amount as a down payment would cost.

Don’t settle when it comes to your home.Try to get at minimum three offers before you decide on one. You may surprise yourself with the deals you can get.

TIP! Speak with a mortgage consultant before attempting the loan process so you know what is required. Being thoroughly prepared will make the process flow quickly and smoothly.

Don’t rush when you’re buying your house.Excitement and impatience can cause you into bad decisions. This might cause you to get a bad deal where you may not be able to afford in the long run.

TIP! Avoid shopping for homes you can’t afford. Even if you are approved for an expensive piece of property, taking it could come back to haunt you.

Do not shop outside what you’re able to afford.Even if you get a mortgage approval for a nice and pricey home, taking it could come back to haunt you. You may find it difficult to pay the payments because of the loan.

TIP!

Are you now motivated to get that home loan? Keep learning to ensure you know as much as possible. Using extra knowledge to supplement the information you already know can make your experience much smoother.