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Getting a mortgage is a big decision and should be customized to your life goals. One size does not fit all.
But how do you find the best mortgage for you?
The home-buying process can be overwhelming. For most people, it’s the biggest financial purchase of their lives — and after an exhausting search for the right house, a mortgage loan can often be an afterthought. However, getting the right loan can save you thousands of dollars.
Let’s take a look at things you should consider:
Your Financal Situation ExpandYour credit history and the amount of money you have for your down payment can affect your loan options. People with high credit scores are generally able to get mortgages with lower interest rates. Similarly, a larger down payment can help you pay less in interest overall.
Before considering your loan options, assess your financial situation and your needs. This can help you pick a loan that fits your unique circumstances.
Life Plans ExpandThe average American is expected to move approximately 11.4 times in his or her life. Depending on your career or life events, you might move shortly after buying a home or you might stay for decades. This may affect the mortgage option you should choose. For example, the longer you plan on staying in your home, the riskier an adjustable-rate mortgage (ARM) may be.
Types of Loans Available ExpandYou can choose from three main types of loans: conventional, FHA and special program loans. Conventional loans typically come from a bank or credit union and aren’t part of a specific government program. FHA loans are insured by the Federal Housing Administration, allow for smaller down payments and are available to people with lower credit scores. The government also runs special programs for various groups, such as VA loans for veterans or U.S. Department of Agriculture loans for people living in rural areas.
Taking time to understand all your financing options can help you choose the right mortgage.
The Bottom Line
Choosing a mortgage is a complicated decision. Although your interest rate is important, you should take other factors into account, such as how long you plan on staying in your house and what kind of loan you want. Educate yourself about the mortgage process and remember: You’ve got the Power.
All mortgage rates displayed are provided by Zillow based on borrowers with credit scores between 680-740 and represent averages and trends.
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Home PurchaseGet A Home Loan That’s Right For You!
No Credit Card. No SS#. No Hassle. Home RefinanceGet A Home Refinance Loan That’s Right For You!
No Credit Card. No SS#. No Hassle. CommercialGet A Commercial Loan That’s Right For You!
No Credit Card. No SS#. No Hassle. Small BusinessGet A Small Business Loan That’s Right For You!
No Credit Card. No SS#. No Hassle.No Credit Card. No Hassle. No Obligation
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Over 300 Loan Programs Close in 10 Days or less Power 100% to Choose Important: Information is gathered from multiple sources. It should be used for research purposes only, understanding average rates available on the market and not relied on for your actual interest rate. Your rate, terms, pre-paid finance charges and APR may vary based on a number of factors including, but not limited to, the creditworthiness of the applicant(s), self-employment status of the applicant(s), condo or townhouse structure, loan amount and geographic location of the property and other considerations.. Contact your lender for specific rates the meet your particular financial situation. LoanPower is not responsible for the accuracy of information or responsible for the accuracy of the rates, APR or loan information posted by brokers, lenders or advertisers. LoanPower is not associated with the government, and our service is not approved by the government or your lender.This is not, and is not intended to be, a mortgage application. Once you have completed this expression of interest (or information request form) your information will be sent to our participating lenders. You will be contacted by telephone and/or email. By submitting your expression of interest you are consenting to receive telephone calls from our participating lenders even if you have previously listed yourself on any internal company, state or federal Do-Not-Call List. . Privacy Policy/Terms of UseCopyright© 2020