Which Loan is Right for Me?
Determining which loan option is appropriate for your specific home buying process can be overwhelming. For some loan types, comparing interest rates is appropriate, but the APR is a better number to review. The amount of time you plan to spend in the home, down payment amount, and more can also influence which loan programs would work best for your situation. See below for a helpful breakdown of the pros and cons of various loan types.
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Prepare for Home Purchase
It’s crucial to be prepared for a home purchase. This entails saving for a downpayment and ensuring your credit is in good order. Since it takes time to do both of these things, it’s good to prepare at a minimum of at least six months in advance. The more money you have saved for a downpayment, the more affordable your mortgage will be. When it comes to your credit, if you have any blemishes, now is the time to discover them and have them fixed with the credit bureaus.