Will someone explain how mortgages/loans work?

Answers:0   |   LastUpdateAt:2012-10-17 01:06:30  

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Okay, so my girlfriend and I want to buy our first home . We found our dream house in the country for super cheap , is an old house about 2,000 square feet Upon inspection we learned its solid structure, but is in immediate need of new siding and roofing ( estimated $ 15k - $ 20k ) . We are both 20 years old with solid credit . MedlinePlus MedlinePlus What is the difference between a mortgage and a loan ? How do we know if we qualify ? Are we going to give just the amount you need to buy the house , or we can get a larger loan so we can pay for renovations ? Also, my girlfriend has a loan for your car right now that will make a difference? MedlinePlus MedlinePlus If anyone can explain as simply as possible that would be awesome , I have zero experience with any of these things . MedlinePlus MedlinePlus Thank you !

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