Answer: The first step is to get an idea of what you can afford. You can use calculators that are located all over the internet and get an estimate of your monthly payment, maximum loan amount and purchase price. However, calculators are very rarely updated for new information and do not include features such as 100% financing. For example a calculator might use a Debt-To-Income ratio of 40% and by the time you apply for a loan the ratios have changed to 45% or even worse to 38%, which would lower the purchase price you can afford.

The best way to get the right pricing and rates is to apply for a loan and get pre-approved, this will give a closer estimate to the real thing, but it is still just an estimate from a professional broker who is handling your loan. To get most accurate numbers from the lender (Institution that will grant you the money) you need to submit all the necessary documents to the broker, so the broker can review them and send the package to the lender.

0FeeMortages will be happy to guide our first-time buyers step-by-step through the whole loan and purchase process.

Answer: In order to complete the purchase most lenders will ask you to pay for the loan and a processing fee and other miscellaneous fees, that they set themselves.

With 0FeeMortgages if you qualify for our 0 Fee program - you pay nothing. We will take care of all the costs:
· Free Appraisal
· Free Credit Report
· Free Loan Processing
· Free Escrow and Title
Others will most likely charge you for each and every one of those items. It is possible for us to cover all of your closing fees with the rebate that we get from a lender.

0FeeMortgages is the cost leader of the industry. We compete with others by offering the lowest rates to you. Our internet based processing helps us keep the costs down. We are also able to work with hundreds of lenders and we pick out only the best of the rates, something that banks are not able to do, they are usually limited in number of lenders they can have.

Other mortgage companies might not display their rates online, but instead ask you to fill out the application and only then you get rates. Those companies make it hard for you to compare all the rates available, you have only a limited amount of people competing for your business. We believe that we can beat those rates, that is why we display them on the front page of our website.

Our fees are low and our goal is to provide everyone a loan that will have 0 fees at the closing.