Financing options
Choose a structure you understand.
Loan choices can affect both the first payment and the years ahead. Ask a licensed lender to explain the options available for your situation.
Fixed or adjustable
Discuss how the rate and payment can change, any adjustment limits and the risk you would be taking on. Compare the structure with your plans for the home.
Look at the complete cost
Ask about upfront charges, points, mortgage insurance where applicable and potential prepayment terms. Do not assume every loan product is available for every property.
Leave room for life
A lender’s maximum is not necessarily your preferred budget. Consider the lifestyle, savings and flexibility you want to preserve.
Helpful resource: CFPB homebuying tools. Loan options and requirements vary. Discuss your circumstances with a licensed lender.