Getting A Mortgage

Shopping for a mortgage can be a challenging part of the home-buying process. Zillow's Mortgage Marketplace has some helpful info on everything you need to know to better understand mortgages:

Pre-approval A letter from a bank or a lender estimating how much they'll lend a borrower. Getting pre-approved for a loan helps establish a price range and determines how much the borrower can afford. is a letter from a mortgage lender An individual at a bank, mortgage company, or credit union that issues a borrower a loan. with an estimate for how much you can afford to borrow to buy a home. Get pre-approved early in your search so you can establish a price range and let home sellers know you're a serious buyer.

Learn more about pre-approval and find a local lender

• Check out Redfin's real estate glossary for helpful definitions of mortgage-related terms like refinance, The process of paying off one loan to get another with a better interest rate and terms. FHA loans A loan with a low down payment and competitive interest rates that is insured by the Federal Housing Administration, a government agency that that provides funding for these loans from mortgage insurance payments. and Fannie Mae. A private company and government-sponsored entity that buys loans from mortgage lenders, packages them together and sells them to outside investors to make sure they have funds to continue buying loans.
• Mortgage-related resources from the U.S. government's Office of Federal Housing Enterprise Oversight
• The benefits and myths of getting an FHA loan
• FAQs about the VA Home Loan program