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When you’re buying a home, you may initially feel overwhelmed by the many different types of mortgage loans. It’s a lot to think about! But paying attention to your monthly budget, down payment amount, and credit score gives the best idea of which loan works for your situation.

Mortgages are the most common way that people obtain the money they need to purchase their homes. If you are a first-time home buyer, the following overview can help you understand how mortgages work and what fees you can expect. There are also a few helpful tips for when you apply. 

Before diving into the housing market, you usually have a general idea of where you want to live, how you want to live, and how much home you can afford. But that’s only the beginning!