The vast majority of Americans use mortgage loans to finance the purchase of their homes. Over 89 percent of the residential real estate transactions in 2013 used some kind of mortgage loan. They allow homebuyers to purchase a far larger, nicer house than they would be able to afford if they had to rely on their savings. Not all homebuyers qualify for mortgage loans. Banks and other lending institutions will only give potential homebuyers the tens if not hundreds of thousands of dollars they need if the homebuyers can demonstrate their ability to pay the lenders back. Use the flowchart found below to determine if you qualify for a mortgage loan.