What you pay for your mortgage depends on a number of factors: the current interest rates, the amount you want to borrow, your credit history and financial profile (income, debt, employment), the kind of loan you choose, the size of your down payment—the list goes on and on. Some of these factors you control; others you don’t.
Before you apply for a mortgage, educating yourself is key. When you understand how mortgage loans work, you can identify which kind is best for you. So if you haven’t yet read Chapter 7, now is a good time to do so.
This chapter takes you through the next stage of getting a mortgage—choosing and applying for a loan. It shows you how to find the right lender and compare the full costs of their mortgages. Then it guides you through the maze of applying for a loan—from gathering the documents you need to filling out the application and understanding the forms the lender gives you in return. Knowing what to expect when you apply will make the process smoother and easier—and will get you into your new home faster.
Google the phrase mortgage lender and you’ll be inundated with results—local and national lenders all crying out for you to take a look at their loans. How do you wade through all of them to find the best one? This section steers you in the right direction.
You can set up a mortgage loan through one of two people: a mortgage broker or a loan officer, ...