One of the scarier parts of the home buying process is the mortgage, it is just such a huge financial commitment. But you must remember, big risk big payoff. When you take on the responsibility of a mortgage and get to the end of the tunnel, you are that much wealthier for you and your family. That is an incredibly worthy award for the scare of a mortgage! What is a mortgage? A mortgage is the borrowing of money (loan) secured by a real estate property (mortgage). You can obtain your mortgage loan from banks, credit unions, and mortgage broker. You start by submitting an application detailing your income, assets, and debts. Once the loan officer has all the information, they look at what financing option is best for you. Your application then goes to an underwriter and the institution decides how much they are willing to lend you. This is preapproval. Next, talk to your loan officer about specific packages they offer. Shop referrals not rates! Even though there are a lot of number