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Getting a Mortgage

Unless you win the lottery or come into a large inheritance, borrowing money to buy a home is a given. With all of the options and complexities surrounding mortgages today, it’s vital to know all the ins and outs before you sign on the dotted line.

Things to know:

  • The cost of a mortgage may include rates, points, and fees.
  • Know the components of your mortgage payment and how they affect your budget.
  • If interest rates are rising, a fixed-rate mortgage may be a good option.
  • The initial interest rate of an Adjustable Rate Mortgage (ARM) might make it easier to qualify to borrow a larger amount.
  • ESL strives to simplify the mortgage process. Learn about the Five Steps to Get an ESL Mortgage.