5 Things Every Aspiring Home Buyer Should Figure Out Before Applying for a Mortgage
To the uninitiated, mortgages might seem like the most complicated obstacle in their financial future. Conventional and non-conventional loans? Private mortgage insurance? Thirty-year mortgages? There's enough terminology to scare off even the most well-funded first-time home buyer. Fortunately, all this mortgage-related language is learnable with a little effort.
If you want to buy a house, you're going to need to figure out all this mortgage mumbo-jumbo, and no better time than the present, when mortgage rates are at record lows. Read on for five things you need to figure out before you start your home search, and you'll be set when it's time to start talking to mortgage lenders.
Just remember: If it all seems overwhelming, a financial planner (or a money-savvy friend or family member) can help guide you through the process. Buying a home is a marathon, not a sprint, and you don't have to do it alone.