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1

Shop Around You may be tempted to just use the lender who your real estate agent typically works with, but that doesn't guarantee you'll get the best rate for your home loan. It's best to compare official Loan Estimates from at least 3 different lenders to make sure you're getting a competitive interest rate.

2

Compare Fees The mortgage rate isn't the only factor when it comes to the cost of your home loan. Be sure to look at each lender's fees and closing costs to fully assess the cost of the loan. When you apply for a loan, your lender will give you a form called a Loan Estimate that makes it easier to compare the total cost of the loan, including fees.

3

Increase you down payment Did you know that your down payment amount can have an impact on your mortgage rate? That's because mortgage rates are generally tiered, and typically lower mortgage rates are available for those with a down payment of 20% or more. If possible, consider increasing your down payment to see if it'll get you a lower rate for your home loan.

4

Improve your credit score Your credit score is one of the biggest factors that affects the mortgage rate that you'll be offered by lenders. Generally, the higher your credit score, the lower the interest rate for your home loan. Before applying for a mortgage, it's best to review your credit score and get it in the best shape possible.

5

Consider you loan program The 30-year fixed loan is by far the most common loan program, but adjustable rate mortgage (ARM) and 15-year fixed loans offer lower rates. If you're ok with the higher monthly payment of the 15-year fixed loan or the possibility of your rate changing with the ARM, one of these loan programs could help you pay much less interest over time for your home loan.

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Choosing The Best Mortgage For You

Loan Type
Interest Rate
Unique Benefits
Mortgage Insurance
Best For

Loan Type

30-year fixed

Interest Rate

Fixed rate for the life of a loan

Unique Benefits

Steady, predictable payments

Mortgage Insurance

PMI typically required if down payment is < 20%

Best For

Those who prefer a fixed rate and a lower monthly payment than a 15-year loan

Loan Type

15-year fixed

Interest Rate

Fixed rate for the life of a loan

Unique Benefits

Lower interest rate & less interest paid than a 30-year loan

Mortgage Insurance

PMI typically required if down payment is < 20%

Best For

Those who want to pay off their loan faster & pay less interest

Loan Type

5/1 ARM

Interest Rate

Fixed rate for 5 years, then may change every year thereafter

Unique Benefits

Lower interest rate for a set period of time

Mortgage Insurance

PMI typically required if down payment is < 20%

Best For

Those who will sell before 5 years, or are comfortable with payments that can change

Loan Type

7/1 ARM

Interest Rate

Fixed rate for 7 years, then may change every year thereafter

Unique Benefits

Lower interest rate for a set period of time

Mortgage Insurance

PMI typically required if down payment is < 20%

Best For

Those who will sell before 7 years, or are comfortable with payments that can change

Loan Type

VA loan

Interest Rate

Can be fixed or adjustable

Unique Benefits

$0 down (in most cases), no PMI, competitive interest rates

Mortgage Insurance

Not required; but a VA funding fee is required

Best For

Qualifying veterans or active service members

Loan Type

FHA loan

Interest Rate

Can be fixed or adjustable

Unique Benefits

Down payments as little as 3.5% and less strict credit score requirements

Mortgage Insurance

Upfront and monthly MIP is required

Best For

Those with a lower credit score or down payment

Loan Type

Jumbo loan

Interest Rate

Can be fixed or adjustable

Unique Benefits

Loan amounts that exceed the conforming loan limits

Mortgage Insurance

PMI requirements vary by lender

Best For

Those buying a home that exceeds $453,100 (or higher in some markets)
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When shopping for a mortgage professional, we recommend interviewing several lenders. We can help connect you with the best mortgage professionals that offer unparalleled service through every step of the home loan process.

Step By Step

1

Shop Around

2

Compare Fees

3

Increase your down payment

4

Improve your credit score

5

Consider you loan program

Calculators

Owning a home is a great investment and it is key to plan your mortgage payments ahead of time. Calculate your monthly mortgage using our free calculator below.

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Monthly Principal + Interest:
Monthly Tax:
Monthly Insurance:
Total Payment:

DISCLAIMER: The information found in these calculators are to be used as a guide and is deemed reliable but not guaranteed. Please schedule an appointment today to find out more information about your loan.

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