Before committing to a mortgage, take the time to understand the terms of your agreement with the bank as well as the associated costs.
Getting pre-approved is often overlooked, and homebuyers will sometimes start attending open houses without knowing their budget. Potential buyers should take the time to compare and shop around for mortgage lenders and rates to ensure they find a rate and lender they are most comfortable with. Keep in mind there are different types of mortgages, such as fixed-rates or an adjustable-rate mortgage. Before committing to a mortgage, take the time to understand the terms of your agreement with the bank as well as the associated costs. Obtaining a pre-approval letter prior to house hunting will give you a clearer sense of your budget and also communicates that you are a serious buyer to sellers.