Now you know how to choose the right type of home loan. Where do you go from here? What’s the next step in the process? I recommend that you get pre-approved by a lender. During this process, the lender will request a bunch of documents from you and examine your financial situation. Then they will tell you (A) if you’re qualified for a mortgage and (B) how much they are willing to lend.
Pre-approval is not a commitment. The lender is not obligated to give you that amount. It just lets you know where you stand. And you’re not obligated either. You can get pre-approved by two or three different mortgage companies to compare their offers. This will help you find the lender with the lowest rates and fees.
Note: This article is not all-inclusive. It gives you a good introduction to the different types of home loans available today. But there’s a lot more for you to learn. I recommend that you go back through this article and follow the hyperlinks I’ve provided. You can also use the search tool at the top of this page to find certain topics. But don’t stop there. Continue your research beyond this website. Make some phone calls. Talk to some lenders. The more information you gather, the easier it will be to choose the right type of loan. Good luck!