To begin the mortgage process, you’ll need to meet with a lender and be prepared to provide proof of:

• Where you work
• Your income
• Any debt you have
• Your assets
• How much you plan to put down on your home

It’s likely your lender will approve you for more money than you should borrow. Just because you qualify for a big loan doesn’t mean you can afford it!

A good lender will clearly explain your mortgage options and answer all your questions so you feel confident in your decision. If they don’t, find a new lender. A mortgage is a huge financial commitment, and you should never sign up for something you don’t understand!

The answer is, yes! If you apply for a mortgage without a credit score, you’ll need to go through a process called manual underwriting. Manual underwriting simply means you’ll be asked to provide additional paperwork—like paystubs and bank statements—for the underwriter to review. This is so they can evaluate your ability to repay a loan. Your loan process may take a little longer, but buying a home without the strain of extra debt is worth it! Keep in mind, not having a credit score is different than having a low credit score. A low credit score means you have debt, but having no credit score means you don’t like debt!

Related: The Truth About Your Credit Score

Not every lender offers manual underwriting. Do a little research on the front end to find the ones in your area that will.

A quick conversation with your lender about your income, assets and down payment is all it takes to get prequalified. But if you want to get preapproved, your lender will need to verify your financial information and submit your loan for preliminary underwriting. A preapproval takes a little more time and documentation, but it also carries a lot more weight when you’re ready to make an offer on a home.

With so many mortgage options out there, it can be hard to know how each would impact you in the long run. Here are the most common mortgage loan types:

• Adjustable-Rate Mortgage (ARM)
• Federal Housing Administration (FHA) Loan
• Department of Vertans Affairs (VA) Loan
• Fixed-Rate Conventional Loan

We recommend choosing a 15-year fixed-rate conventional loan. Why not a 30-year mortgage? Because you’ll pay thousands more in interest if you go with a 30-year mortgage. For a $250,000 loan, that could mean a difference of more than $100,000!

Before you lock in an interest rate, it’s worth knowing that high interest rates bring higher monthly payments and increase the amount of interest you’ll pay over the life of your loan. In contrast, a low interest rate saves you money in both the short and long term.

Here’s what the typical monthly mortgage payment includes:

• Principal
• Interest
• Homeowner’s insurance
• Property taxes
• Private mortgage insurance (PMI), if you put less than 20% down on your home

If you want to pay more on your mortgage, be sure to specify you want any extra money to go toward the principal only, not an advance payment that prepays interest.

Getting preapproved for a mortgage is just the beginning. Once the financial pieces are in place, it’s time to find your perfect home! While it’s one of the most exciting stages of the process, it can also be the most stressful. Time to get in contact with an agent.