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What Is A Mortgage?

Buying a home is an important (and exciting) milestone, but figuring out how to pay for it can be stressful. At Santander Bank, it doesn't have to be. Our step-by-step guide covers how to get a mortgage - from prequalification to closing - to help make your home-buying experience as smooth as possible.

Before you do anything else, review your monthly budget and determine what percentage of your income can be put toward housing. When you consider the decision of buying versus renting, be sure to think about:

  • Your estimated mortgage payments
  • The additional costs of home ownership, including maintenance and property repairs, as well as homeowner's insurance and utilities
  • The impact of your monthly mortgage payment on your other financial goals, like education and retirement planning.
  • The potential tax benefits of deducting your mortgage interest on your annual tax return. Consult your tax advisor.
1 All loans subject to approval.