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Mortgage

The Right Mortgage Opens the Door to Your Dream Home.

WHAT IS A MORTGAGE?

A mortgage is a contract between you and a lender that allows the lender to seize your property if you fail to repay the borrowed money along with interest. Mortgage loans are utilized for purchasing a home or borrowing against the equity of a home you already possess.

What are the key factors to consider when comparing different mortgage options?

  • Loan Amount: The total amount borrowed.
  • Interest Rate & Points: The rate charged on the loan and any associated discount or origination points.
  • Closing Costs: Fees associated with finalizing the loan, including lender charges.
  • Annual Percentage Rate (APR): A broader measure of the loan’s cost, including interest and fees.
  • Interest Rate Type: Whether the rate is fixed (remains constant) or adjustable (can change over time).
  • Loan Term: The repayment period, such as 15, 20, or 30 years.
  • Risky Features: Any potential risks, such as prepayment penalties, balloon payments, interest-only terms, or negative amortization.

Focus on a mortgage that fits your budget, not just what you qualify for.

Lenders determine how much they’re willing to lend based on your income and debts, but that doesn’t necessarily align with what you can comfortably afford. Online calculators provide similar estimates, but they don’t account for your full financial picture. To ensure your mortgage is manageable, assess your household income, expenses, and financial priorities. Consider what fits within your budget, not just what a lender approves.

Remember to account for additional costs when determining your ideal mortgage payment.

Expenses like homeowner’s insurance, property taxes, and private mortgage insurance are usually included in your monthly payment, so factor them in when assessing affordability. You can obtain estimates from your local tax assessor, insurance provider, and lender. Understanding what you can comfortably pay each month will also help you determine a reasonable price range for your new home.

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