What You Actually Need to Know About Mortgages

So far in June we’ve outlined the basics of home buying, how to prepare financially ahead of time (including optimizing your savings account), and now it’s time for mortgages.

A home is probably the most expensive thing you’ll ever buy, and few of us have the money to buy one in cash. So most people will need to borrow money to purchase a home and that’s where mortgages come in. They’re just a specific type of loan made to someone buying a home. Because it’s such a large amount of money the process of qualifying for the loan can be long and detailed, here’s what you need to know about it.