Understanding the Mortgage Process: A Guide for First-Time Home Buyers
Posted by Paul Burrowes on
Buying your first home is an exciting milestone, but navigating the mortgage process can be daunting. Understanding the ins and outs of mortgages will make this journey smoother and less stressful. This guide will walk you through the mortgage process step-by-step, helping you feel confident as you take this significant financial leap.
Inside this Article:
- What Is a Mortgage?
- The Mortgage Application Process
What Is a Mortgage?
At its core, a mortgage is a loan specifically for purchasing real estate. When you take out a mortgage, you borrow money from a lender to buy a home, and you agree to repay that money over time, typically in monthly installments. Mortgages come in various forms, including:
- Fixed-Rate…
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