A mortgage is a loan specifically for purchasing real estate. It allows you to buy a home and pay for it over time, with the property serving as collateral. If you make your payments as agreed, you’ll be able to own your home outright when the loan is paid off.

Interest rates reflect the cost of borrowing money. They can be fixed, meaning they stay the same throughout the term of the loan, or adjustable, meaning they can change at set intervals. Lower rates can save you money over the life of the loan, so it’s wise to shop around.

Closing costs are expenses that buyers and sellers incur in transferring ownership of a property. They can include loan origination fees, appraisal fees, title searches, and more. It’s important to budget for these, as they can add up to several thousand dollars.

Yes, you can get pre-approved for a mortgage. This process gives you a clearer picture of how much you can borrow based on your financial situation. It also helps streamline the buying process once you find a property you want.

You will typically need to provide several documents, such as proof of income, tax returns, credit history, and employment verification. Having these ready can help speed up the mortgage process.

Having bad credit can make getting a mortgage more challenging, but it’s not impossible. There are options available for those with lower credit scores. It’s best to speak with a mortgage advisor to understand your options.