First 5 Steps To Accepting A Mortgage Loan

Choosing A Mortgage

Choosing a mortgage is easier than it sounds when buyers are familiar with what they’re looking for. It’s a very personal decision, and there are many options. FHA loans are available across the country for buyers with a low income and a small down payment. VA loans are available to those who currently or previously served time in the military. They don’t require any down payment or that buyers pay private mortgage insurance. Conventional loans do require a down payment, but they are simpler and more straightforward than other loans.

First-time homebuyer programs help buyers who don’t have the traditional twenty percent down. Some lenders offer mortgages to buyers without a down payment if they pay private mortgage insurance, and other lenders provide fixed-rate mortgages, balloon mortgages, and even variable-rate mortgages. Each one is advantageous for buyers based solely on their financial needs, payment abilities, credit score, and income.

Continue reading to learn about the role of closing fees.