Today I want to talk about mortgage financing. This is the first and most important step you will take in starting your home buying journey. This step is best taken in advance of your home purchase to make sure there are no unforseen issues on your credit report.
What is a mortgage?
A mortgage is a legal instrument to secure financing for a home with a promise to pay the loan back. Its just like any other loan but much better because of the tax benefits, such as the mortgage interest deduction which can save you money on your taxes.
So how do you get a mortgage?
The only way to truly know if you qualify for a loan is to talk to a lender.
They will pull your credit and ask you questions about your income and debt.
You will then…