Site icon Keith Albrecht Team

How to choose the best mortgage for your homebuying needs

Choosing the best mortgage for home buying needs

Do you know what financing options you have at your disposal when you buy a house? If you’re still in the dark about the variety of mortgages and loan terms that you can choose from, this is a good place to start.

Types of mortgages

All home loans comprise two parts: the principal (loan amount) and the interest that you’ll pay on top of the portions of the principal that you pay over time. But mortgage loans come in different forms, each designed for different needs and uses.

Here is a quick overview of the types of mortgages that you can consider:

  1. Know how much you can afford to spend on a house. Narrowing down your options to properties you can realistically afford will help you budget for other homebuying costs and living expenses.
  2. Budget for upfront expenses. This includes your down payment, earnest money deposit, and closing costs, the details of which will be determined through your negotiations with the seller.
  3. Aim to pay at least 20% down payment to avoid having to secure private mortgage insurance.
  4. Shop around for the right lender for your needs. Not all lenders are the same, so consult with two or three lenders in your area to find the loan amount and terms that suit your situation best.

For more professional advice on the homebuying process, as well as leads to the latest homes for sale in Carmel, IN, contact the Keith Albrecht Team. Call 317.590.7878 or send an email to keith(at)keithshomes(dotted)com to hear from Carmel, Indiana’s leading real estate experts today.

Exit mobile version