A mortgage allows you to buy a home without paying the entire price upfront. It spreads the cost over many year, making homeownership more affordable and allowing you to invest in property that can appreciate in value over time.

Affordability depends on your income, expenses, credit score, and down payment. Lenders typically recommend that your payment should not exceed 28-30% of your monthly income. Many online calculators can help you estimate affordability.

Common types include fixed-rate mortgages (stable interest rates), adjustable-rate mortgages (rate change over time), FHA loans (for lower-income borrowers), and VA loans (for veterans). Each type has unique features, and we can help you choose based on your needs.

Down payments typically range from 3% to 20% of the home's price, depending on the loan type. FHA loans allow as little as 3.5% down, while conventional loans often require more. A higher down payment can lower your monthly payments and help you avoid mortgage insurance.

The process generally takes 30-45 days but can vary depending on the lender and your financial situation. Being prepared with documentation (like income, assets, and debts) can help speed things up.