If you are starting to look into being a homeowner, then a big "congratulations" is in order. Homeownership means that you've made it to adulthood and that you no longer have to pay an endless amount of rent to a stranger every month. But before you really get the home shopping process going, you should make sure that you qualify for a mortgage. So, what's the process?
Before you even start shopping for homes, you should get pre-approved by a certified home lender.
Buying a home is a major financial commitment for many people. Not only are mortgages the largest source of debt for many, but they also take years to pay off. Mortgage terms can range from 15 to 40 years, with 15-year and 30-year terms being the most common for both fixed-rate and adjustable rate mortgages. All of this may seem daunting if you are a first-time buyer. Having a mortgage broker there to help you select your first home loan can be helpful.
Buying your first home can be a very exciting process. While you may be concerned with finding the property that best suits your needs in your desired location, it's important to remember that purchasing a home is a major financial commitment. And in most cases, you will be taking out a mortgage to pay for your new home. If it's your first time buying a home, the process of getting a mortgage can feel overwhelming.