how to get a home mortgage
to obtain a mortgage the person seeking the loan must submit an application and information about their financial history to a lender which is done to demonstrate that the borrower is capable of repaying the loan sometimes borrowers look to a mortgage broker for help in choosing a lender the process has several steps first borrowers might seek to get pre qualified getting pre qualified involves supplying a bank or lender with your overall financial picture including your debt income and assets the lender reviews everything and gives you an estimate of how much you can expect to borrow pre qualification can be done over the phone or online and there s usually no cost involved getting pre approved is the next step you must complete an official mortgage application to be pre approved and you must supply the lender with all the necessary documentation to perform an extensive check on your financial background and current credit rating you ll receive a conditional commitment in writing for an exact loan amount allowing you to look for a home at or below that price level using an online mortgage calculator can help you estimate your monthly and lifetime costs of buying a home after you ve found a residence that you want the final step in the process is a loan commitment which is only issued by a bank when it has approved you as the borrower as well as the home in question meaning that the property is appraised at or above the sales price 