If you've never bought a home before, you are likely well aware of all there is to learn about the home buying process. This extends to how you are going to secure a loan to purchase your home, which can be handled by a mortgage broker to make things easier for you. While your broker will handle all of the work involved with finding you a lender, there are still a few things that you need to know about the mortgage pre-approval.

When you buy a house to live in, you can apply for a mortgage loan to purchase the property. Lenders offer mortgages for residences that people live in, and these are easier to get than other loan types. If you want to borrow money to buy a rental property, you might face more challenges with getting a loan. Here are several vital things to know about borrowing money to purchase rental properties.