There is what you can afford and then what you can qualify for. First work with your lender to find what you qualify for. This is will determine the maximum loan amount you can get. Next, consider your current housing expense along with other expenses and come up with a budget that makes sense for you.

The higher your credit score, the more loan programs will be available to you. The general answer is you want a 580+ FICO, but there are options if your score is lower. A mortgage professional can also give you tips on how to improve your credit score.

There are $0 down payment options, however it is best to try and get to 3% down for a conventional mortgage and 3.5% down for an FHA mortgage.

There is no “one size fits all” when it comes to mortgages. That is why it is important to work with a mortgage expert to make sure you get the best loan possible.

If you own a home you can lower your mortgage rate with a refinance. If you are buying a home you can get a lower rate with the following: higher credit score, larger down payment, or by being a first-time homebuyer in certain income limits for your area.

Buydown points or discount points are an upfront fee you can pay to get a lower interest rate. Because you are paying upfront to save in the long run you will want understand when you break even on your upfront cost. If you won’t be in your mortgage long, or plan on refinancing it may be best to not pay points for a lower rate.

A mortgage pre-approval means you have gone through an application and provided documentation proving your ability to get a mortgage. This is both informative to the buyer, but also shows sellers and realtors that the home shopper is qualified and ready.

Closing costs are fees to buy a home or refinance. These are separate from your down payment. Some of them are costs to get the loan, like an appraisal fee. Others are costs to third parties like title and escrow companies. Closing costs change depending on the scenario. Work with a lender to get an estimate of closing costs.

When refinancing, closing costs can be rolled into your mortgage loan so you don’t pay them out of pocket. Alternatively you can get lender credits to cover your closing costs.

Mortgage insurance or PMI is usually required when you put down payment of less than 20%. It is a monthly fee that is included in your mortgage payments. This fee can go away in the future either through equity growth or a refinance. Some loans do not have mortgage insurance even if your down payment is less than 20%.

A jumbo loan is a type of mortgage used when a loan amount is above the conforming loan limits set by the Federal Housing Finance Agency (FHFA). These loans are typically used for high-value homes.

To get a mortgage, a borrower usually has to provide documentation to demonstrate that they can repay the loan. These documents can consist of things like: paystubs, tax returns, bank statements etc.

Homeowners should work with a mortgage professional to figure out when a refinance makes sense. A refinance will make sense when the monthly savings are significant. For large loans, this could be when rates drop slightly, for small loans it will take bigger changes in interest rates to see benefit. These monthly savings want to be compared to the costs of a refinance (if there are any).

A cash-out refinance replaces your existing mortgage with a larger one. Thus giving you a lump sum of cash at the end of the refinance. When home prices go up, so does homeowner equity. Equity in a home can be pulled through a cash-out refi.

A 2nd mortgage is another loan on your home. It is a common way for homeowners to tap their homes equity. These can be Home Equity Lines of Credit (HELOCS) or HELOANS. They are common because they do not touch or replace your first mortgage, which may be at a very low interest rate.

Yes, in fact there are even more mortgage options for business owners than employees. If your tax returns for the business don’t show enough income, you can qualify for a mortgage with bank statements.

Yes! Even if you don’t currently have retirement income like social security or a pension, you may be able to get a mortgage. Your assets can be used to qualify for a mortgage.

Any cryptocurrency that you own can be used for a down payment on a home. It is important to work with a mortgage professional to make sure this is done correctly.

Mortgage programs are usually available in all states, however working with a local lender often results in better service and a higher likelihood of your offer to be accepted. Reputation matters.

Buying a home isn’t easy. It takes hard work, savings, and a bit of luck for most homebuyers. It also helps if you have an expert to help you. Realtors and lenders work with home purchases daily, while the average person may only buy a home once. Rely on your team of professionals to help you accomplish the goal of becoming a homeowner.

Most mortgage programs are not area specific, however, county employees are eligible for a special loan program.