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Step 1: What can I afford?
Step 2: Homebuyer counseling
Step 3: Making an offer
Step 4: Applying for a mortgage
Step 5: The home inspection
Step 6: The closing process

Frequently asked questions
Affordability Calculator


Once your offer has been accepted, it's time to address financing. There are numerous options for financing the purchase of your new home, and gathering the right information is key to making a good decision.

The Loan Terms
The loan's terms may vary from lender to lender. Be sure to compare:

  • Interest rate
  • Whether the rate is fixed or adjustable
  • Whether the rate can be locked in when you apply for the mortgage. For how long? At what cost?
  • Closing costs
  • Other fees charged by the lender. Do all lenders charge these fees?

Obtaining a Mortgage
Questions and concerns of the mortgage application process are not uncommon. Many of the questions you have may have already been answered. Read our mortgage application Q&A.

Pre-Qualification vs. Pre-Approval
During your search for a home, you will undoubtedly hear the terms pre-qualified and pre-approved. Pre-qualified means that based on the information you have provided, you would qualify for a mortgage loan.

Pre-qualified, however, does not guarantee you a mortgage loan, nor does it guarantee the rate at which the lender will loan you the money. Pre-approved, on the other hand, guarantees (typically for a period of 30 to 60 days) a mortgage loan at a specified rate. Pre-qualification gives the seller confidence that the buyer will be able to obtain a mortgage, which can greatly affect the seller’s acceptance of an offer.

It's important to note that obtaining a pre-qualification or pre-approval from a lender does not obligate you to get a loan from that lender.

Where to apply
While you may have a lender in mind, and may even be pre-qualified (remember, you are not obligated to borrow from a lender who has pre-qualified you), shopping for the best rates and terms can save you a lot of money over the life of the mortgage. Explore the rates and terms of:

  • Mortgage companies
  • Savings and loan institutions
  • Federal credit unions
  • Other financial institutions

The most important thing is to find a lender you can trust and a loan that will remain within your budget over the long term. Finding the best rate and terms may require numerous phone calls and a significant amount of time, but the effort will be well worth it in the end.

Applying For A Mortgage

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Support provided by the  
Wells Fargo Housing Foundation