What’s my first step in getting a mortgage to purchase a home?
Before you begin searching for a home—and a mortgage—it’s important to take a close look at the funds you have available to make your purchase. You’ll want to consider:

• All incomes available to you
• How your possible income might change in the future
• How much you can afford (total loan and monthly payment)
• How long you intend to stay in the home you purchase
• How much outstanding long-term debt you have
• How much you have for a down payment

Essentially, the amount of money you can borrow will be determined by the size of the monthly payment you can afford.

Look at all the factors mentioned above to conclude how much you can afford to pay monthly for a mortgage, and don't forget to include annual taxes and insurance.

What’s are conforming and non-conforming loans?
Most loan rates that you hear quoted are for conforming loans. A conforming loan is one with an original balance of $275,000 or less for a single-family home. Any loan amount larger than that is called non-conforming.

What is a Home Equity Loan?
A home equity loan is a form of credit in which your home serves as collateral. A home equity loan is advanced in one lump sum. You make fixed monthly payments over a fixed term. A loan makes it easier to budget, since your monthly payments remain the same over the life of the loan.