Are you trying to purchase or build a home? Some tips for getting a mortgage include doing your research on mortgage loans, shopping around for the best rates, and watching your debt ratio. First, you need to understand the difference between a mortgage and a regular loan, and what having a mortgage entails. A mortgage is a loan used to purchase property, whether developed or undeveloped. Therefore, the property is used as collateral if you default on the loan. Next, you need to know what your debt ratio is and how it impacts the amount you can borrow. If your debt ratio is low, then you have more borrowing power. Thirdly, compare mortgage rates and requirements to determine which financial institution will give a better deal. Using these tips will assist you with understanding how mortgages work and finding one that will help you achieve your goal of homeownership.