There are several factors that impact what loan might work best for you. Consider whether a fixed or adjustable interest rate might make sense, as well as how much you have available for a down payment. A home mortgage consultant can help you determine whether you qualify for specialty programs, such as a Veterans Affairs home loan.
You have many choices for a home loan, including banks, credit unions, independent mortgage brokers, and online lenders. Each has certain benefits—understanding them may help you choose the lender that’s best for you.
Your monthly mortgage payment typically will include principal and interest on the mortgage, as well as homeowners insurance and property taxes if your mortgage payment includes escrow. Depending on your down payment and loan type, you may also have to pay private mortgage insurance as part of your monthly mortgage payment.