Mortgage Guide

Have you finally reached that time in life where you’re ready to buy a home? Luckily for you, we have put together all the information you will need to get the right mortgage and the right lender, for the right price.

We’re here to help you learn the process and avoid the bad fees and traps that land people with a mortgage that isn’t a good choice for them. In this guide, you will find updates to help you manage the ever-changing landscape of the mortgage and home-buying industry and advice that will prepare you to negotiate the most cost-effective way to finance your home. 

How to Choose the Best Mortgage

Choosing the best mortgage is not a simple task. It’s crucial to decide which type is the best fit for your needs, or you may be regretting your choice for some time to come. Fortunately, we've provided detailed descriptions of the different types of mortgages you can get. This lets you choose which option will work best in your coming years of homeownership.

What Are the Main Types of Mortgage Lenders?

Consider the types of mortgages and take a moment to focus on the choices that are best for your situation. It’s time to work your way through the marketplace of lenders and brokers. There's a remarkably long list of lender types, plus brokers who will help you connect to them – for an added fee. Figure out which options will bring you the best loan for your needs. 

How Do I Get Pre-Approved for a Mortgage?

The next step in the mortgage process is getting pre-approved. You may have decided the mortgage type that will fit best and found a lender that can provide it, but getting pre-approved will help you understand exactly what you can afford. Learn the terminology, the stages and what you need to document to achieve pre-approval. Completing this process brings you another step closer to buying your home.

How to Get the Best Mortgage Rate

So you finally got pre-approved? The next step in the process is understanding how to find the best mortgage rate. The rate will partially determine the price you pay for your mortgage in the end. In this part of the mortgage guide, you'll find all the information you need to get the best possible rate so that you don’t get stuck paying more than necessary.

How Much Money Do I Need to Put Down on a Mortgage?

The amount you choose to pay for your down payment will shape how much your mortgage will cost in the end. Why? The more you put down, the less you will have to borrow and pay interest on. What's more, a high-enough down payment means you probably won't have the extra expense of private mortgage insurance. Use this section to make this decision.

What Is Mortgage Insurance and What Are My Options?

Depending on how much you would like to spend on a down payment – and which type of loan you get – you may need to pay for mortgage insurance. This section will walk you through all the ins and outs of this key decision and how all the pieces fit together. After all, we’re here so you get it right the first time.

What Are Closing Costs?

When you're paying closing costs, you'll have reached the stage where you've almost got your mortgage. Be sure you carefully study the fine print before you sign any mortgage deal – two loans that look similar can have very different end costs because of these fees. Here's the information you need to prepare for the true closing costs, plus strategies to reduce them.

Mistakes First-Time Homebuyers Should Avoid

You're almost there and it's a huge relief. Before you entirely close the deal, use this checklist to make sure you haven't accidentally made a newbie move that could cost you serious money down the road. So many factors could contribute to your paying more than you need to for your mortgage. Learn all the details, point by point.

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