For the first time home buyer, applying for a mortgage can be as scary as going to the dentist! You have found the home you want and now you are faced with the prospect of going to the bank you have chosen, where they will determine if you are 'credit worthy' of a loan. Have all your financial records in order. Be able to verify your income. The bank will request a copy of your credit report to check your credit history. If you have always maintained a good payment history and no complaints were filed against you, you won't have anything to worry about in that area. Your mortgage will be for a certain period of years, in which you will pay back monthly an amount determined by the bank, depending on the number of years (usually 30, but sometimes 15 or 20). The length of time will determine the amount of the payments. Interest rates play a very important factor, also. Decide whether you want a "fixed" rate (where the rate of interest stays the same for the length of the loan), or a" variable" rate ( you will usually start out with a lower rate for the first year or two), but subject to market change this rate could either go up, or down. Your loan officer will advise you as to which way to go.Yoy will also be required to have home owners insurance with your loan. If you decide to have an "escrow" account, you will pay the bank a certain amount that will include your mortgage payment, your insurance, and your property taxes. The bank will then disburse the funds to the different places. Make sure you shop around to different financial institutions to get the best rate.