Which loan option is best for me?
This can only be determined by having a conversation with a loan officer and having them provide you with some estimates. The simple answer is…it depends! Usually the option with the higher down payment has a lower monthly payment, but you may want to keep your savings as reserves for unforeseen events and go with a higher monthly payment.
Deciding what the best loan structure is for your situation is an iterative process that involves reviewing the pros and cons of different options with a loan officer, and then making a decision once you have all the information. It is our goal to provide you with the information needed to make an informed decision.
Learn more: First Time Homebuyers
- How do I start the process?
- What do I need for the pre-qualification process?
- Once I pre-qualify, what is my next step?
- How much of a down payment will I need?
- What if I don’t have a down payment?
- What is Mortgage Insurance?
- Is there specific documentation I will need to gather for the loan process?
- How long does the loan process take?
- Which loan option is best for me?
- How do I know which company or loan officer I should go with?