Good news: your offer has been accepted! It's time to address financing.

You may have gone through the pre-qualification or pre-approval process earlier in the homebuying process. But applying for a mortgage is a much more thorough undertaking.

There are numerous options for financing the purchase of your new home, and gathering the right information is key to making a good decision. 

The Loan Terms

The loan's terms—the costs associated with borrowing money—may vary from lender to lender. Be sure to compare

• Interest rate
• Whether the interest rate is fixed (stays the same for the life of the loan) or adjustable (changes regularly after an initial period)
• Whether the interest rate can be locked in when you apply for the mortgage. For how long? At what cost?
• Closing costs: fees charged to process the mortgage
• Other fees charged by the lender. Do all lenders charge these fees?
• Does the lender offer MassHousing loans? To obtain a MassHousing loan, you must apply with a participating lender.

Obtaining a Mortgage

Applying for a mortgage can be one of the more challenging parts of buying a home; the process is filled with uncertainty. But don’t be discouraged if you have questions and concerns. In fact, many of the questions you're asking may have already been answered. Read our mortgage application Q&A.

Where to apply

While you may have a lender in mind, and may even be pre-qualified or pre-approved (remember, you are not obligated to borrow from that lender), shopping for the best rates and terms can save you a lot of money over the life of the mortgage. Explore the rates and terms of

• Mortgage companies
• Community banks
• Savings and loan institutions
• Federal credit unions
• Other financial institutions

The most important thing is to find a lender you can trust and a loan that will remain within your budget over the long term. Finding the best rate and terms may require numerous phone calls and a significant amount of time, but the effort will be well worth it in the end.