Applying for a Mortgage (Important Info + 6 Steps)

Buying a house can be stressful. For first-time homebuyers especially, there is a lot of uncertainty around applying for a mortgage.  

That is why preparing for and understanding the process can decrease some of the stress of applying for a mortgage.

There are many reasons why as a borrower, you would want to apply for a mortgage.

The most obvious is that you cannot afford to buy the house in cash and need to make installment payments on it over the next 15 to 30 years. However, even with a mortgage, real estate is one of the largest ways to build wealth. 

To execute the BRRRR Method of buying a house, improving the value through forced appreciation, and refinancing the original equity out, they keep their initial investment low by using a mortgage.

Like most things in life, it depends. No, adjustable-rate mortgages are not the worst product ever introduced and created only for suckers.

When Applying for a Mortgage, Which is better?

Even though that is what many pundits want you to believe. That does not mean they are a better deal or better for everyone. However, there are a few specific situations when adjustable loans are a good choice. 

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