Q: How Do I Know Which Mortgage is Best for Me?

A: There are a ton of different loan options when it comes to mortgages. From adjustable-rate to fixed-rate and even FHA vs conventional loans, there’s a lot to consider.

The good news? Your loan officer will show you the mortgages that give you the best rates and lowest monthly payments. We’re here to be your advocate and guide you through a complicated and stressful process with ease.

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A: Yes. If your credit isn’t great, there are still some mortgage options for you. Plenty of federal mortgage programs have options for buyers who have bad credit. Our team of loan officers will help determine which programs you qualify for!

A: The answer really depends on how much you’re looking to put down and the purchase price of the homes you’re looking at.

While you might think you need 20% down for a house, you actually don’t! The down payment you’ll need depends on the type of loan you’re getting. Some require as little as 3-5% down, so you don’t have to have as much cash as you thought.

That said, it’s best to save up as much as you can so you can comfortably afford the down payment and closing costs, but still have savings left over for an emergency fund.

A: There’s a lot to do to prepare to buy your first home. Here’s a good place to start:

  • Start saving money as soon as you can. You’ll need money to pay for your down payment and closing costs, and ideally have enough left to still pad your savings account for emergencies or unplanned home renovations.
  • Check your credit score. Your credit score is one of the most important determining factors when it comes to getting approved for a mortgage. Make sure you know what your credit score is and improve it as much as possible. Most banks let you check your credit score for free. Otherwise, you can use free credit score tools.

Know how much home you can afford. While rates will always vary, you can use a basic calculator that uses your income, debts, and savings to help you determine how much house you can afford. Contact our team of professionals who will run the numbers for you.