Selecting the Right Mortgage for Your Needs
To select the mortgage that is right for you, shop around, compare your options and get pre-qualified.
Conventional and government-backed mortgages are the two most popular types of mortgages. Conventional mortgages are offered with both fixed and adjustable rates with 15 or 30-year terms and typically require a down payment of at least 10%.
A fixed-rate mortgage is exactly what it sounds like, a loan with an interest rate that doesn’t change over the life of the mortgage.
An adjustable-rate mortgage is also sometimes called a “variable rate” mortgage. You pay a lower interest rate initially but the rate can change over time.
Government-backed mortgages are available with as little as 3.5% down and accept buyers with less than perfect credit. VA loans are also available to qualified U.S. military veterans and available with little or no down payment.
Before you start your home search, talk to a mortgage lender to get pre-qualified. If you need help finding a lender or have questions about the loan process, talk to your REALTOR.