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Mortgages: The basics
Part II -- Securing your loan

What do you do once you’ve found your dream home? You negotiate with the seller for the price and, once you both agree on that, it’s time to get the money.

Securing the mortgage loan involves a lot of paperwork; it’s a detailed look at your credit history, employment record and financial assets and liabilities.

But there’s more. You’ll need to have a property appraisal. And, though sometimes overlooked in the excitement of buying a home, it’s equally important to shop around for the mortgage loan. There’s a wide range of loan rates and programs, so it pays to do some comparative shopping.

As a home buyer, there’s a mortgage out there to meet your needs. Start securing the best loan for you by: Checking your credit.

 
Mortgages: The basics
Part II: Securing the loan
Checking your credit
Prequalification/pre-approval
Necessary paperwork
Appraisal
Mortgage banker or broker?
10 questions for loan shopping
What lenders must do
Points
Good faith estimate
Special circumstances
Online mortgages
What if I get turned down?
Mortgages: The Basics, Part I: Starting Out
Mortgages: The Basics, Part III: Closing the deal
Related stories from Bankrate.com
Mortgage home page at Bankrate.com
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