Mortgage Considerations

Mortgage Considerations

From researching neighborhoods all the way to closing, we can guide you every step of the way — and that includes sharing tips on things to consider as you shop for the right mortgage loan.


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Your home is a huge investment and your mortgage terms can affect your budget for years to come. Below are a few things to consider as you shop for the best loan for your needs. Keep in mind, these are just suggestions. Speaking with a mortgage professional is the best way to get a clear picture of mortgage loan options, down payments and more.

Check Your Credit Score

Your credit score can directly impact what mortgage loans and interest rates you may be eligible for, so work on getting it as high as you can before starting to shop around for a home. You can request a copy of your score through one of the three major credit bureaus: Equifax®, Experian® or TransUnion®.

Create a Budget and Start Saving for a Down Payment

There are several costs built into purchasing a home. The biggest expense to start planning for may be your down payment. While there may be loan programs with little to no down payment, many mortgage loans will require you to put down at least 20% of the total price of the home if you want to avoid additional monthly fees and expenses. The larger your down payment, the more of your home you will own from day one, providing you built-in equity!

Once you’ve started saving for your down payment, you may want to assess your budget to determine what you may be able to afford. Online resources and tools, such as mortgage calculators, can help give you an idea of what your mortgage payment might be based on the hypothetical amounts you enter for the loan amount, down payment amount, interest rate, loan term, taxes and insurance.

Consider Other Expenses

Keep in mind there may be other expenses you’ll incur throughout the home buying process, such as inspection, appraisal and closing costs. In addition, there may be additional expenses once you close on your new home, such as furniture and appliance purchases or landscaping.

Shop Around for a Mortgage Loan

To secure financing for your home, you can work with a bank or credit union in your area, a lender, a mortgage banker, or a mortgage broker who will research lenders for you. You may want to research the current interest rate averages for the area, as well as various loan programs that may be available so you can compare quotes and estimates from different brokers, bankers or lenders.

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