A mortgage loan is a loan that is secured by a property. This means that if you default on the loan, the lender can take possession of the property. Mortgage loans are used to finance the purchase of a home.

There are many different types of mortgage loans available, but some of the most common include:

• FHA loans: FHA loans are insured by the Federal Housing Administration. This means that the lender has some protection if you default on the loan. FHA loans are a good option for borrowers with less than perfect credit.
• Conventional loans: Conventional loans are not insured by the government. This means that the lender takes on more risk, so they may require a higher credit score and down payment.
• VA loans: VA loans are available to veterans and active-duty military members. These loans do not require a down payment and have other benefits, such as no private mortgage insurance (PMI).

There are many benefits to getting a mortgage loan, including:

• You can build equity in your home over time.
• You can get a fixed interest rate, which can help you budget your monthly payments.
• You can get a tax deduction for mortgage interest payments.

There are also some risks associated with getting a mortgage loan, including:

• You could default on the loan and lose your home.
• You could have to pay PMI if you don’t have a 20% down payment.
• The interest rate on your loan could go up, which could increase your monthly payments.

To qualify for a mortgage loan, you will need to meet certain requirements, including:

• You must have at least a 580 Credit Score
• You must have a steady income.
• You must have a down payment. (1% to 3.5% programs available)

There are many factors that will affect how much you can afford to borrow, including your income, your debt-to-income ratio, and the size of the down payment you can make.

Closing costs are the fees that you will need to pay when you close on a mortgage loan. These fees can vary, but they typically range from 2-5% of the loan amount.

A pre-qualification is a process where a lender will review your financial information to see how much you qualify to borrow. This is not a guarantee that you will be approved for a loan, but it can give you an idea of how much you can afford.

A pre-approval is a more in-depth process than a pre-qualification. A lender will review your financial information and then give you a written approval for a specific loan amount. This can give you more leverage when you start shopping for a home.

Once you have submitted an application with us and been pre-approved for a loan, you can start shopping for a home. We will make sure to help you find  a qualified real estate agent who can help you find the right home for your needs.