Home-Buying Process

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Applying for a Loan

Finding a lender
Choosing a mortgage
Shopping interest rates
Loan application costs
The appraisal process
Qualifying for a loan

Can I be a homeowner?

Finding a Home

Making an Offer on a Home

Inspections

The closing process

Homebuyer's Dictionary (glossary)

Shopping interest rates

You should know the interest rate and APR (Annual Percentage Rate), and keep the quoted rates in mind when shopping for a mortgage loan. Ask your lender if interest rates are likely to increase during the time that your loan is being processed. If so, it may be a good idea to lock in the current rate – although you may have to pay points to do so. Ask your lender for more information about that option.

If you choose to lock in, make sure the starting and ending dates of the lock in are clearly stated in writing. Obviously, you'll want the lock in to last until after the closing.

Keep in mind that, if you are turned down for your loan, you will most likely have to pay the lender's processing costs, which may include the application fee and credit report fee.