With an adjustable-rate mortgage, your rate starts lower than a fixed rate.
Because the prospect of getting a mortgage can be daunting, it helps to break down the process of applying for a mortgage into steps.
The pre-approval stage of getting a mortgage is typically relatively pain-free. During the pre-approval, the loan officer will tell you the total loan amount you will qualify for.
Getting a property under contract is a prerequisite to moving forward with the lending process because the bank will need to consider the property you are buying.
Filling out this form will probably take about 1-3 hours, depending on how organized you are and if you have all the information needed in front of you.
This phase is where the loan officer takes your completed application package with all the documentation and delivers it to an underwriter for review.