Congratulations on making the decision to own your own home! Now that you have made this life changing decision, you have to begin the process by applying for a mortgage. Traditionally, potential homeowners visited their local bank and applied for a long in person.
Can you imagine that now at 2 a.m. in the middle of the night you can apply for a mortgage in your pajamas? That’s right! With the introduction of the Internet, no longer was applying limited to local businesses, but the world was now at one’s fingertips begging for a chance to vie for your business.
But where do you begin? What are points, closing costs, amortization calculators, and what about your credit report? It is imperative that before you fill out any application, whether online or in person, learn the terminology that the mortgage professionals use. You should completely understand every part of the process as this is going to be one of the largest, if not the largest, transaction you will make in your entire life.