MORTGAGE

When purchasing a new home, there are typically 6 steps involved in the process. The first step in the process involves qualifying for a mortgage. Not every person will qualify for a low interest mortgage and many factors are involved, primarily their credit score and then employment history and other derogatory factors.

Step two in the new home process is selecting what type of mortgage is your best fit. Some people prefer the Fixed Rate loan because the payment remains stable throughout the course of the loan. Other people choose adjustable rate mortgages that can provide a low initial payment that then can rise over time on a pre-determined schedule should interest rates rise.

Step three involves choosing the right property. Once you know the amount of the mortgage you are approved for you can pick out a home.

Step four is to select the real estate agent that is right for you. Often people utilize personal recommendations or brand names they trust.

Step five is the actual processing of the mortgage as well as the approval.

Step six is closing the mortgage.