: To purchase your first home, you may be required to borrow funds from a bank. You have just graduated from college, and your dream is to own your first home. Before you begin looking for your dream home, you need to learn more about funding options and the process required to finance a home.
1. Discuss your options for obtaining a home loan and how mortgages work.
2. Discuss the process/procedures for obtaining the loan and the ideal interest rates for home loans.
3. Report your findings in 2 paragraphs.

Question

: To purchase your first home, you may be required to borrow funds from a bank. You have just graduated from college, and your dream is to own your first home. Before you begin looking for your dream home, you need to learn more about funding options and the process required to finance a home.
   1. Discuss your options for obtaining a home loan and how mortgages work.
   2. Discuss the process/procedures for obtaining the loan and the ideal interest rates for home loans. 
   3. Report your findings in 2 paragraphs.

anonymous · Answer

to obtain a home loan , first ; you need a steady job, have good credit score if you have been leant money before. Theres  a required 25% money downpayment on your home, all banks require this, (depending how the economy is doing overall).
Second ; the interest rate that most banks lend you the money to buy yyou the home  might be what you should look at more thoroughly before the actual loan. I believe most banks issue home loans at a rate of 7%, it differes, now in a case that you default on it, the bank is allowed to at least try to retrieve some of its investment by selling your house, and selling the contract it has with you to more privatly investores called CDO's .Those Cdo's have rate agencies that tell them how bad or good those investments are .