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BEFORE you go shopping for a home you should review all your finances. Prepare a list of all your (and your spouse or significant other) income and expenses.  Review this together and have a good understanding of what buying a home and paying a mortgage is all about.

If you rent now, you might not be paying the real estate taxes, electric, gas or electric heat, sewer, water, garbage collection, lawn care, maintenance or other expenses typical with homeownership. Once you own, you typically do. Before you buy, create a budget for these expenses.

What is a Mortgage?  A mortgage is a method of using property (real or personal) as security for the payment of a debt.

The term mortgage refers to the legal device used in securing the property, but it is also commonly used to refer to the debt secured by the mortgage.

One of easiest places to begin to get rates is online. You can quickly compare ADVERTISED rates. Note, however, those rates often includes teasers, or promotions to lure you in. The rates may rise after a few months or include other fees. Be aware!

Just as quickly as you apply for a mortgage, you may be confused over all the terms or items that are requested of you. Be prepared and organized.

What you will need  - On a typical mortgage, you will need at least 2 years tax returns,  2 weeks pay stubs, copies of social security card and drivers license. You will need at least 2 months bank statements, W-2 Statements or Self Employment information.

Mortgages are strongly associated with loans secured on real estate (like a building or land) rather than other property. Arranging a mortgage is seen as the standard method by which individuals or businesses can purchase residential or commercial real estate without the need to pay the full value immediately. It is amortized over the term of the loan. The borrower pays each month, a portion of the original loan plus the interest on the money that is outstanding (typically). If you already own a home, then visit our guides to refinance or home equity. Also learn what and how to remove or avoid Private Mortgage Insurance (PMI).

For additional information on the home buying process, see our Home Buying Guide with information on How to Buy a Home including what to look for from Home Inspections to Getting a Mortgage.

Mortgage Providers

The following companies may help you further in finding a mortgage suitable to your situation. SHOP AND COMPARE rates and terms.

Mortgage Guides