A mortgage is an agreement between you and a lender that allows you to borrow money to purchase or refinance a home and gives the lender the right to take your property if you fail to repay the money you've borrowed.
You’ll generally need to have your income statements, tax documents, bank statements, and identification. It’s a bit like gathering your ducks before the big pond leap!
How much you can borrow depends on your income, debt, and credit score. Generally, lenders want to make sure that your monthly payments are manageable for your budget.
Look for a lender with good reviews, ones that communicate well, and offer competitive rates. It's important to have a partner you can trust on this journey.
In Memphis, you can find a variety of mortgages like fixed-rate mortgages, adjustable-rate mortgages, and FHA loans. Each has its pros and cons, so it’s good to shop around.