Courses / First-Time Home Buyer Masterclass / Module 3
Module 3: The Mortgage Process
The mortgage market is competitive — and shopping properly can save you $10,000–$30,000 over the life of your loan. But you need to know what to compare and how to read lender offers.
Loan Types Summary
Conventional, FHA, VA, and USDA loans each serve different borrower profiles. Most first-time buyers qualify for conventional or FHA. VA is superior for veterans. USDA offers 0% down for eligible rural properties.
How to Shop Lenders
- Apply to 3–5 lenders within a 14-day window (FICO treats these as one inquiry).
- Receive and compare Loan Estimates side by side.
- Focus on APR (total cost) not just the interest rate.
- Negotiate — lenders can often match competitor rates or reduce fees.
- Choose the lender with the best combination of rate, fees, and reputation.
Key Takeaways from This Module
- Compare mortgage types and choose the right product for your situation
- Navigate the pre-approval process and gather required documents
- Shop effectively across multiple lenders to save thousands