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  Basic Mortgage Market The basic mortgage market connects mortgage lenders to lenders who want to buy or borrow against the owner-occupied homes, vacation homes and investment properties. Most homeowners need a mortgage to buy their home, so it's important to understand the basic mortgage market process and benefits. Here's what you need to know. If you need help with a mortgage or any other financial question, consider working with a financial advisor. Definition of primary mortgage market The basic mortgage market is a collection of banks and lenders that lend to borrowers to buy or refinance their homes. Some banks sell their loans to other banks and investors through the secondary mortgage market. Other borrowers keep the mortgage on their balance sheet to collect income from the monthly mortgage payments. Benefits of Primary Mortgage Market The core mortgage market offers numerous benefits for homeowners and investors alike. Because the average homeowner buys and sells on...

  Editorial Note: We receive commissions from partner links on Forbes Advisor . Commissions do not affect the opinion or evaluation of our editors. As soon as you start thinking about buying a home, it can be tempting to get rid of these real estate apps and immerse yourself in thousands of photos of the house, imagining which dream home is yours. Can But before you start this journey as a first time home buyer, you need to invest in some logistical basis. Doing your homework ahead of time will prepare you better for the home buying process, especially when the housing market is hot and competition is fierce. Steps to take when buying your first home The following eight steps will help you to organize your financial and mental housing so that you can find a new home with confidence. 1. Estimate your debt. Lenders want to know that you will be able to manage your existing debt in addition to paying off your new mortgage. An important metric is the ratio of your debt to income (DTI)...