2 Explore loan choices

Don’t wait until you find a home to start thinking about how to finance it. Take time now to explore your mortgage choices so that you’re ready when the right home comes along. Follow the steps below to meet with lenders, ask questions, and decide what kind of mortgage is right for you. Getting a preapproval letter helps you show sellers that you are a serious buyer – but it doesn’t commit you to a lender. In the next phase, you’ll compare offers from different lenders and choose the best deal.

Illustration of the home-buying process

Goals for this phase

  • Contact multiple lenders to explore your choices
  • Select the type of loan that fits your needs
  • Place an offer on a home

Tools for this Phase

Learn more about the different kinds of loans available and what to consider when deciding what kind of loan is right for you.

Understand loan options

The kind of loan you choose affects the interest rate you can expect to receive. Our tool lets you explore rates for different loan options.

Explore interest rates

Buying a home costs more than the price on the for-sale listing.

Watch the video: What are all the costs of buying a home?

Action steps

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Ready for more? Explore another phase in the mortgage process.