The cost of real estate financing is often greater than the original purchase price of a home (after including interest and closing costs). Because financing is so important, buyers should have as much information as possible regarding mortgage options and costs.
Realtor.com® provides consumers with . Local REALTORS® can provide mortgage information, discuss financing options and recommend loan sources. In addition, some REALTORS® also originate loans.
What Kind of Loan?
Thousands of loans are available from a variety of lenders but, in general, the mortgage you choose will be determined by at least several key factors:
How Do You Get a Loan?
To obtain a loan you must complete a written loan application and provide supporting documentation. Specific documents include recent pay stubs, rental checks and tax returns for the past two or three years if you are self-employed. During the pre-qualification process, the loan officer will describe the type of paperwork required.
Where Do You Get a Loan?
Mortgage financing can be obtained from mortgage bankers, mortgage brokers, savings and loan associations, mutual savings banks, commercial banks, credit unions, and insurance companies. A growing number of REALTORS® can also arrange financing.
Learn more about the mortgage process at Doorsteps, a step-by-step interactive guide to buying a home.
Step 1: Are You Ready to Become a Homeowner?
Step 2: Get a REALTOR®
Step 3: Get a Mortgage Pre-approval
Step 4: Look at Homes
Step 5: Choose a Home
Step 6: Get Funding
Step 7: Make an Offer
Step 8: Get Insurance
Step 9: Closing
Step 10: What’s Next?