To get one, mortgage companies require you to work with septic and termite inspectors, appraisers, credit bureaus, settlement attorneys, title insurers, and others. Not that you want to deal with any of these folks, mind you, but you must deal with them if you want a mortgage. Not that you want a mortgage, of course, but you must get a mortgage if you want to buy a home. And you do want that. But if you understand the process, you can make it work better for you, with less cost, inconvenience, and delay.
Many people believe a mortgage is a loan against the house.
The truth is that a mortgage is a loan against your income. The reason lenders are willing to loan you money is because you have an income. Therefore, they don't demand a high profit, and hence, the interest rate they charge you is very low compared to other interest rates in the marketplace. Car loans, too, are offered at low interest rates, because the car collateralizes the loan. Interest rates for car loans are higher than for mortgage loans because cars decline in value, which place bankers at a higher risk if they must repossess and sell your car in the future.