There are quite a few things that nobody explains to you when you are getting a mortgage. One of the most important things that you need to understand is you need to get a mortgage broker before you buy a house. This will allow you to get the best deal and best interest rate from a lender. You also don’t have to put 20% down for a down payment. There are many different options available in case you can’t make such a large payment.
- To get a good rate on a mortgage, start improving your credit rating years in advance.
- Obtaining a pre-approval letter does not guarantee you will receive an official loan offer.
- It isn’t actually necessary to put 20% down, and you should shop around among lenders.
“We’ve been able to afford the new place with no problem.”