Purchasing your first home involves a lot more than finding a place to hang your hat. It involves long-term commitments, a sizeable investment, and great rewards. You will no longer write rent checks to pay off your landlord’s mortgage. Instead, you will make monthly payments on your own mortgage – and you will gain valuable equity in the process.
Your home is likely to be one of the largest purchases you ever make, and few of us are able to simply write a check to cover the bill. The job of a mortgage lender is to provide financing to make the purchase possible. The job of a good mortgage lender is to ensure that the loan provided is sensible—that it can be manageably paid back by the borrower over time.