Mortgages: An Overview
A mortgage is a loan that allows you to borrow enough money to purchase a home. Unless you can buy a home in cash, you'll need a mortgage. To help take the mystery out of the process, we created the Redfin Mortgage Guide.
We worked with partner lenders in several different markets, as well as our agents and customers to put together this primer on mortgages, lenders, and the pre-approval process. Whether you're just starting to think about home-ownership or you're already engaged in a home purchase, our mortgage guide is designed to answer your questions and explain some of the trickier concepts involved with finding a home loan.
Use the menu to the left to explore these topics:
Our Mortgage Basics section explains what a mortgage is, how it works, what goes into your monthly payment, and what options you have when shopping for a loan.
What is pre-approval? When should you get pre-approved? Our Mortgage Pre-approval section answers these questions and more. You'll find out why you should get pre-approved early in the home-buying process, how to prepare for pre-approval, and what steps you'll need to take to complete the process.
Choosing the right person to help you finance your home purchase is one of the most important steps in the home-buying process. In our Choose a Lender or Broker section, we'll discuss the differences between lenders and brokers, explain how to find the right person for the job, and teach you how to spot and deal with predatory lenders.
Tip!
If you're ready to talk to a lender or broker but you're not sure where to start, we can help. Redfin has a list of recommended mortgage brokers and lenders. Our recommendations are based on our experience only; we don't accept referral fees from third-parties. There's never any pressure to work with one of our recommended lenders, or to buy a home with Redfin. Here's our list of recommendations.
Thanks for checking out our Redfin Mortgage Guide. If you have any suggestions, comments, questions, or feedback, please send them directly to the author.