Understand options and choose a mortgage that fits your budget, timeline, and home goals.
Mortgage types differ in rate structure, qualification standards, down payment requirements, and insurance. Compare total cost, not just monthly payment.
Stable interest rate and payment for the loan term. Common terms are 15 and 30 years. Ideal for predictable budgeting.
Initial fixed period followed by periodic adjustments. Lower initial rates with future variability. Understand caps and indices.
Flexible qualification and lower down payments. Mortgage insurance required. Useful for first‑time buyers with limited savings.
For eligible veterans and service members. Often no down payment and favorable terms. Review funding fees and benefits.
For amounts above conforming limits. Stricter underwriting and larger down payments are common. Compare lenders carefully.
Budget for down payment, appraisal, title, escrow, and reserves. Ask about credits and seller concessions where appropriate.
Strengthen offers with preapproval. Underwriting reviews income, assets, debt, and property condition to confirm loan terms.
Replace your loan to reduce rate or change term. Weigh closing costs against total savings and time you plan to keep the home.
Credit score, loan‑to‑value, property type, points, and market rates affect pricing. Improve credit and compare lenders to optimize.
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