Home loan rates, what you need to know
Spend the extra minutes to educate yourself on the differences between fixed and adjustable rate home mortgage loans. Above all else, stay within your means. A lender will present you with the amount of the loan you qualify for, which usually is an amount higher than that which you can reasonable afford. Do not allow yourself to be seduced into thinking that you can afford any more than what you can reasonably live with. The typical home mortgage approval process follows the same order: prequalification, application, document review, appraisal, and approval.