When you buy a home, if it's a single-family house, townhouse, co-op or condominium, you're probably going to need a mortgage. For first-time buyers who may not have a lot of down payment cash to deposit, getting the right mortgage is absolutely essential. The size and type of your mortgage will determine how much you can afford and the cost of borrowing that money.
As you head into the mortgage loan process, there are a few critical questions and issues you will need to address to ensure you are getting the best deal available at the time. The difference, for example, between seemingly small amounts on interest rates can add or reduce the overall amount you pay the lender by many thousands of dollars over the life of the loan. So it pays off to do some up front homework.
How Much Mortgage Can I Afford?
The first step in any house hunt is finding out how big of a mortgage you can actually afford. To qualify for any home loan, you have to pass a bank test, but you should try testing yourself first before you even set foot in a bank.
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