6 Steps to Applying for a Mortgage. Here's what you Need to Know

Buying a house can be stressful. For first-time homebuyers especially, there is a lot of uncertainty around applying for a mortgage.

That is why preparing for and understanding the process can decrease some of the stress of applying for a mortgage. Try to clear your mind, stay focused, and be in the right mindset to reach your goals. We can all do it.

There are many reasons why as a borrower, you would want to apply for a mortgage. The most obvious is that you cannot afford to buy the house in cash and need to make installment payments on it over the next 15 to 30 years.

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6 Steps to Applying for a Mortgage

These terms are often abbreviated by saying it is a 5/1 or 3/3 arm. They mean a 5 year and 3-year introductory period and a 1 year or 3 year adjustment period.

Choosing a Fixed or Adjustable Rate

Applying for a Mortgage: Conventional Vs. Portfolio Lenders

You might have heard the terms conventional mortgage or conforming mortgage. These terms refer to mortgages that lenders can issue, then package up and sell to another company.

The pre-approval stage of getting a mortgage is typically relatively pain-free. First, a loan officer will ask you some questions and get basic verification of your income and credit score.

1. Pre-Approval

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