Fannie Mae Foundation: How to Buy a Home

Expected outcomes of
Lesson 2

1. To be able to compare terms in order to shop for the best mortgage lender.

2. To learn how to prepare for a loan interview.

3. To identify the steps in getting a loan processed.

4. To understand closing costs and what happens at the closing.

Vocabulary
loan interview, processing a loan, property appraisal, commitment letter, document, walk-through inspection, title

Introducing the concepts
Introduce the four final stages of the home-buying process mentioned on this page.

Unit 3: Getting a mortgage may be easier than you think!

Lesson 2: How to shop for a mortgage loan

Congratulations! You are now ready to learn about the final steps of the home-buying process. At this stage, things can get more complicated. But remember, by the time you get to this stage, the keys to your new home may soon be in your hands. This lesson covers four important steps:

1. Shopping for a mortgage lender.
2. Applying for the loan.
3. Getting your loan processed.
4. Completing the closing.

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