Home Loan Basics
Posted by Kaitlen Conney on
Home Loan Basics
Whether you are a first-time home buyer, or just need a review, these basic actions and terms will help you get a better grasp on home loans and mortgages.
Being pre-approved isn't a promise that you’ll get a loan, but it can put more buying power into your hands. Essentially:
A mortgage pre-approval only means a loan officer has looked at your finances—your income, debt, assets, and credit history—and determined how much money you can borrow, how much you could pay per month, and what your interest rate will be. (Source)
Not only does this information strengthen your offer, having it can help you close a deal more quickly.
A fixed rate mortgage is exactly what it sounds like: a loan that stays the same…
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