When you apply for a mortgage, your loan officer, broker or underwriter is going to take you through the application process and then ask you to provide proof or documentation supporting your answers To learn more about how that application process works and exactly what it takes to qualify for a mortgage, keep reading

Step 1 - Know How Much You Can Afford Before you start looking for a house, you need to know how much you can afford in terms of monthly home loan payments, property taxes, maintenance and your general living costs Ginne Mae, a government housing initiative, offers a free calculator to help you figure out how much house you and your family can actually afford

As you start your search for a mortgage, there are a few questions you need to ask yourself in order to narrow your search and know what you're looking for Unfortunately, the answers to those questions aren't always easy

There are three major types of home mortgages - fixed rate mortgages, adjustable rate mortgages and balloon mortgages Each of these types have their own sub types, depending on the length of their terms and overall flexibility

There are three major types of home mortgages - fixed-rate mortgages, adjustable rate mortgages and alternative or combination mortgages Each of these has its benefits and disadvantages along with different types of lending and interest setups within each major type