HOME LOAN LEARNING CENTRE

Just how do you buy a house? The Home Loan Learning Center delivers information on the home buying process in two ways: through in-depth information on pages sorted by topic and in our step-by-step mortage process guide that is provided in this section. Here you can view the process applying home loan from beginning to end, referring to the more in-depth information on other pages as you need it. MBA has identified seven steps that make up the mortage lending process. By reviewing them, you will know what to expect at each point in the process.

Lots of people don’t consider buying a house because they think they can’t afford it. For many, however, homeownership is within reach—especially when considering the range of special programs for first-time home buyers. Often homeownership can be as affordable as renting—in some cases more affordable.

This section will take you through the home buying process step by step, providing explanations of what you will encounter along the way. More detailed information can be found on the pages covering specific topics. Get ready to become an educated home buyer.

7 Steps to apply Home-Loan


Step 1: Choose a Lender First

Step 2: Find Out How Much You Can Afford

Step 3: Understand Your Loan Options

Step 4: What do you need or want in a home?

Step 5: Submit the Loan Application

Step 6: Closing

Step 7: Being a Homeowner

Top 10 Tips for Home Buyers

1. Check your credit score. Get your credit history in order before beginning the home buying process. This is something like a report card for your "home loan".

2. Develop a monthly budget based on your income and expenses so that you can determine what is realistically affordable in terms of a mortgage payment before applying any home loan.

3. See a lender first. Shop around — compare various mortage lenders and find one that will work well with you and your situation.

4. Needs vs. Wants — what features do you need in a new home versus what you want? Don't make an emotional decision, make a financial one.

5. Take time to learn important terms and understand their meaning.

6. Once you've found a lender, thoroughly investigate the mechanics of the deal — are there additional costs, such as origination and/or application fees?

7. Learn about the various types of mortage packages. Figure out, with your lender, what type of mortage is best for you.

8. Get pre-qualified so you are aware of what you can afford as well as prepared to seriously consider real estate options.

9. Visit as many homes as possible and decide on the house you are interested in based on your approved home loan amount.

10. Work interactively with a mortgage lender and be accessible to him/her in order to secure the loan.