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A mortgage is a loan you use to purchase a home. You repay it monthly with interest over a set number of years, typically 15, 20, or 30. If you can’t make payments, the lender may take the home through foreclosure.
Who offers mortgages?
– Banks, credit unions, and other lenders.
How to apply?
– Complete an application and provide financial details.
What do lenders check?
– They review your income, debts, and credit score to determine if you qualify and what terms you’ll get.
Fixed vs. Adjustable Rates
– Fixed-rate mortgage: The interest rate stays the same for the entire term.
– Adjustable-rate mortgage (ARM):The interest rate stays fixed for a set period (up to 10 years) before adjusting at regular intervals, usually every six months.
What Loan Terms Can You Choose?
– 30-year mortgages are the most common.
– 15- and 20-year loans are also available.
– Payments are spread over the loan term, and once paid off, you own the home outright.
Mortgages are not backed by the federal government. Some allow as little as 3% down, but private mortgage insurance (PMI) is required if the down payment is under 20%.
Two types:
– Conforming loans: Follow loan limits and guidelines set by the FHFA, Fannie Mae, and Freddie Mac.
– Nonconforming loans: Do not follow these limits or guidelines.
– Jumbo loans fall under this category, exceeding loan limits and typically requiring higher credit scores and stricter approval.
The needed credit score depends on the loan type and lender. Most borrowers have scores in the high 600s to 700s. FHA loans are the most flexible regarding credit requirements.
– Check current average mortgage rates.
– Get online quotes based on your location, loan term, purchase price, and down payment.
– Apply for preapproval to receive personalized offers – lenders will check your credit and verify your finances.
– Get preapproved before house hunting to show sellers you’re serious.
– Compare Loan Estimates from different lenders.
– Review terms, payments, and closing costs to find the best deal.
Home Equity Loan:
– Lump sum based on home value.
– Good for value-adding upgrades or repairs.
– Fixed repayment schedule.
HELOC (Home Equity Line of Credit):
– Works like a credit card with a borrowing limit.
– Allows multiple withdrawals over time.
– Payments are made gradually.
Note: Both use your home as collateral, so missing payments can result in losing your property.
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Frequently Asked Questions
When applying for a loan, you may have questions about the process or requirements. To make it easier, we've compiled answers to the most frequently asked questions
It depends on your needs. Lenders differ in loan types, services, credit score requirements, and borrower qualifications. The best lender for you is the one that offers the right products, meets your qualifications, and provides the lowest rates and fees.
Some lenders post rates online and provide tools to estimate your potential rate. However, these are just estimates – you’ll need to get preapproved so the rate is calculated based on your actual credit score and financial details.
Closing costs are fees and expenses paid to finalize your mortgage. They typically range from 2% to 5% of the loan amount. For example, on a $300,000 home loan, closing costs could be between $6,000 and $15,000.
Many state housing agencies have programs for first-time buyers that help with closing costs and down payments. Assistance may come as a grant, forgivable loan, or deferred-payment loan. To qualify, you must work with a lender approved by the state agency
It’s best to find a lender first and get preapproved before house hunting. Preapproval shows sellers you’re a serious buyer and lets you know how much you can borrow, helping you set a realistic budget.
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