Read about Mortgages

Mortgages, also called home loans come in a variety of forms from loan terms of 15 all the way up to 45 years at fixed or variable rates. It is important to get the mortgage that is right for you. But, before shopping around for mortgages, it is very helpful to know in advance how much home you can afford, deciding on the type of loan can be done later in the home buying process.

Figuring out how much home you can afford is what is called a "pre-approval". As a part of the pre-approval, your lender will evaluate your finances, your credit history, and your investments in a series of calculations and determine the max you can borrow. You might start by looking for a mortgage at the bank where you have your checking or savings account, and never limit yourself.

A wide variety of institutions make home mortgage loans, including savings and loan associations, commercial banks, mutual savings banks, and mortgage companies. One way to find the creditor with the most attractively priced loan is to look in your local newspaper; check to see if it publishes a shopper’s guide to mortgage credit.

These shoppers' guides are available in many localities and can be used to identify the lenders with low rates.