Are you considering to purchase a home? Then there are several issues that you need to consider. Finding a lender that will approve a loan is one of the biggest considerations. Attaining a mortgage could be a relatively simple process or a test of endurance depending on the borrower's financial situation.
A person has to apply for a loan through a company which can offer money in exchange for a mortgage. This company is known as the mortgage lender. The lender gives the money to purchase the home to the borrower if the loan is approved. He then uses the funds to buy the house. The amount borrowed to buy the home, plus interest is then owned by the borrower.