To buy a home you need two things... the first is a downpayment,
the second is a mortgage. Since homes are so expensive, most
people borrow the majority of the amount (often 90-95%)from a bank or
other financial institution (mortgage). The balance of 5 or 10% is up
to you to save up as a downpayment to be put towards the purchase
price. You also need to save $3,000-$5,000 for closing costs.
To start the process, once you have your downpayment you
can be 'pre-approve' for a mortgage based on your credit history and
earning power. This lines you up to get the mortgage once you find the
home and holds an interest rate for you for up to 2 months (in case
they go up, you are guaranteed the lower rate). Click on the link
below to start the application process. When you have completed the
form you will have an immediate list of lenders to choose from.
