Mortgage Basics: The Home Loan

Written By:

30-Year Mortgage or 15-Year Mortgage?

30-Year Mortgage or 15-Year Mortgage?After comparing countless kitchens, bedrooms, local school systems and everything else, your family has finally found a place to call home. Congrats!

Paying for it all may seem challenging, but if you’ve built credit, paid bills on time, and done your home-buying homework, you’re on your way to making that dream house a reality. You’re probably not paying in cash, so you’ll be needing a home loan.

When considering your application, mortgage lenders will be looking at your overall creditworthiness. Through your credit reports and scores, they determine your place in what’s called a “range of risk”. Before approving a loan, they want to make sure you’re not a bad bet…or maybe just in over your head, financially.

Thankfully, there’s plenty you can do to improve your chances of getting a loan with good terms and overcome any obstacles, even denial, you may face along the way.

To find out more, check out these articles on the home loan process from the Quizzle blog and beyond:

5 Questions to Ask Yourself Before Buying A Home
I’ve Found My Dream Home… Now What?
Buying a Home? The Do’s and Dont’s of the Mortgage Process
How to Pick the Right Mortgage Banker
3 Big Mistakes People Make When Shopping for a Mortgage
Making Your Home Process Go Quickly and Smoothly
FHA Guidelines

Additional Resources:

Common Questions from First-time Homebuyers
How First Time Home Buyer Loans Work