If you haven’t taken out a mortgage before, you should be cautious when applying for a loan. Many people end up with more than one mortgage, which can cause a spiral of debt. Rather than taking out a mortgage for every new bill, it’s wise to focus on a single home loan. When comparing lenders, look at the terms, fees, and repayment options.
Depending on the lender, you may be able to prequalify for a loan before completing an application. Some may send you a single offer. Others will send multiple offers in one go. This can be a good way to find the best deal. In general, lenders will ask for details about your income and residence. Additionally, some will require your social security number and other identity information.
