Very few people have the luxury of paying cash for a new home. When purchasing a home, most buyers must take out a mortgage. A mortgage is an instrument that secures a loan against a house. It may also be referred to as a Deed of Trust.  When you secure a loan to pay for a home, you will sign a promissory note and a mortgage at the closing proceedings.

Below are some helpful hints to aid you in the process of applying for a home loan:

Before you even begin looking at homes to purchase, you should contact a mortgage specialist to get Pre-qualified or Pre-approved. By doing this, it increases your chances of having your offer to purchase accepted by the seller. A seller is more likely to accept an offer from a buyer who already has funding versus one who still needs to get a loan.

In addition, it is a good idea to obtain a copy of your credit report prior to contacting a mortgage specialist, so that you can clear up any errors that may appear on your report.

Applying for a Loan...more info

Types of Loans...more info

Loan Approval...more info

The Closing...more info