Home financing is a way of borrowing money to purchase a house. The most common form of home financing is a mortgage loan. Other forms of home financing include loans from banks and savings institutions, lines of credit, and credit cards. Some examples are:

1) A mortgage loan – this is the most common and it involves taking out a loan to buy your house

2) A line of credit –allows you to borrow money against your existing assets such as savings accounts, cars, etc.

3) A cash down payment – this means that you pay part or all of the price for your new house with cash. This type of down payment is usually 10% or 20% and it can be more than one payment if you want to pay off the balance faster than monthly payments would otherwise allow you to do so

MORTGAGE Loan Market Analysis

Pre-Qualify Mortgage

The mortgage pre-qualification process is quick and free. It should take less than an hour. During the process, you speak with a loan officer and answer questions about your financial situation.

Mortgage pre-qualification will give you a rough estimate of how much house you can afford. It’s not a binding agreement — it’s simply something you can use to gauge your buying capability.

Mortgage pre-qualification can be especially useful if you’re not sure you can afford a mortgage.

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