Everything You Need to Shop for a Mortgage

Shopping for a mortgage when you've never done it before is a lot. But you don't have to figure it out alone. Here's a free toolkit — guides, calculators, and resources — built specifically for first-time buyers like you.

Quick Takeaways

• Start at LoanGlass.com to see real rates from 750+ lenders — no personal info required
• Free step-by-step guides cover everything from your very first question to refinancing after you close
• Free calculators help you figure out what you can actually afford before any lender tries to tell you
• Down payment assistance exists in all 50 states — most first-time buyers never even think to ask

First Stop: See What Rates Are Really Out There

Before you call a single lender, go to LoanGlass.com. It pulls live mortgage rates from over 750 lenders across the country — and you don't have to hand over your name, phone number, or email to see them. Use it to get a feel for the market, then reach out to the lenders whose rates catch your eye and ask for an official quote.

Once you have a quote, upload it to the Loan Estimate Report Card. It analyzes and grades your offer so you know right away whether you're getting a fair deal or leaving money on the table.

Guides for People Who Are New to All of This

These guides are written in plain English — no industry jargon, no fluff:

• The first-time homebuyer guide, start to finish — a 12-step walkthrough of the entire process, from zero to keys in hand
• How to read your Loan Estimate — lenders are required by law to give you one; this breaks down every section so you actually understand it
• What is a 2/1 buydown? — you've probably heard the term thrown around; here's what it actually means and whether it helps you
• What is a "rapid re-score"? — a way to boost your credit score on a tight timeline, which can unlock better rates and lower closing costs
• Buying a home from your family — how to keep the home in the family without having to come up with a down payment or closing costs
• Assuming a loan — what it means to take over someone else's mortgage, and when it's worth considering
• Refinancing after you buy — if rates drop after you close, this tells you exactly when to make a move

Know Your Loan Options

The right loan depends on your credit score, your savings, and where you're buying. Here's what's available:

• FHA vs. Conventional loans — a simple side-by-side of the two most common mortgage types
• FHA loans with poor credit — if your credit score is holding you back, start here
• VA loan basics — if you've served in the military, you may be able to buy with zero down
• USDA loan basics — buying outside a major city? You might qualify for no down payment at all
• Financing a fixer-upper — the FHA 203k and Fannie Mae HomeStyle loans let you roll the cost of repairs right into your mortgage
• Alternatives to FHA/Conventional — if you don't fit the standard box, check out what else is out there
• Down payment assistance programs for all 50 states — grants and low-interest loans that help cover your down payment or closing costs; most buyers never think to ask about these

Run the Numbers Before Anyone Else Does

Don't let a lender be the first one to tell you what you can afford. These free calculators put you in control:

• Affordability calculator — plug in the monthly payment you're comfortable with and find out what purchase price that gets you
• Payment and closing cost calculator — get a realistic look at your monthly payment, your closing costs, and a full breakdown of how the loan plays out over time
• Debt-to-income calculator — find out whether your income vs. your current debts would qualify for a conventional or FHA loan before you apply anywhere
• Temporary buydown calculator — see exactly what a buydown costs upfront and how much it saves you each month in the early years
• Faster payoff calculator — see how much sooner you can own your home free and clear by adding a little extra to your monthly payment
• Self-employment income calculator — if you're self-employed, this translates your tax returns into the qualifying monthly income figure lenders actually use
• Lender title fee calculator for all 50 states — title fees are one of the biggest chunks of your closing costs and they vary a lot by state; look yours up before you get surprised at the table

A Few More Sites Worth Bookmarking

• Mortgage News Daily — gives you more realistic rate data than most sites, plus daily updates on where rates are moving
• FHA loan limits by area — check whether your loan amount qualifies for FHA in your county
• Conventional loan limits — same thing, for conventional loans
• Mortgage Broker Finder — fill out a quick form and get matched with a good broker in your area
• Real Estate Agent Finder — same deal for finding a solid agent near you
• Do Not Call Registry — register before you apply anywhere; mortgage applicants can get hit with 10 to 20 spam calls a day without it