Contrary to popular belief, a mortgage in itself is not a debt but rather evidence of debt. A mortgage is the pledging of property as a security in exchange for the mortgage loan. So, the loan negotiator will loan the borrower a sum of money based on what to property is appraised at. Mortgages are usually exclusively associated with real estate properties as opposed to any other type of private property. In the U.S. most home purchases are funded by mortgages.
How to qualify for a mortgage? Well, in today’s economy it can be much more difficult to qualify for a loan. There are several things that banks like to see before they will consider the mortgage. First, save 5% - 20% of the cost of the home as down payment. Second, it is very important that you can prove that the same employer has employed you for two years or more and receiving a steady income. Third, your credit score can become extremely important so make sure it is good, it doesn’t have to be perfect. Last, that you have an income that is twice as much (if not more) than your total debt including what the mortgage payment will be.