Ask yourself: How long will
I live here? If it’s only a few years, a hybrid loan nets you a lower interest rate than a typical 30-year mortgage.
Lower your overall risk with
a 15- or 30-year-fixed mortgage option. No one can predict the future – interest rates could spike or the housing market could change. If you aren’t comfortable with unknowns, a more traditional plan may be best.
How many bedrooms? Do your
children have separate bedrooms or share? You may consider looking at homes with a spare bedroom to grow into. Look for lenders who are verified, licensed and highly recommended. Lenders on Zillow have a 4.9/5 average customer rating and an average of 16 years of experience.
Choose the one lender you
feel most comfortable with. Call or meet in person before committing – you’re going to be working closely with them for a while.
Lock in your interest rate
when you feel confident. Opt to lock in your rate immediately after your application is finished or float your rate until you’re ready to close. You could end up paying less if the market is in a better spot, but it’s a gamble.
The No. 1 rule for
mortgage success… Enter into the process well-prepared and confident. You’re about to buy a house!