Published on 07-31-2019
Buying a home can be an extremely stressful and expensive situation, but it doesn’t have to be.
By choosing an experienced lender you can trust and educating yourself on the essentials, you’ll be better prepared and could snag a competitive mortgage rate with your home.
We experienced this firsthand when we were house hunting for our current place. By asking questions and running the numbers, we felt more confident about buying the house and how it fit in with our other financial goals.
If you’re getting ready to buy or are getting prepared, here are some essential things you should know about mortgages.
One of the ways you can make sure you’re with the right lender is talking with their loan officer.
They should be able to break down all the major steps and expenses that typically come up when you’re buying a home.
They should also be able to help you understand all of the mortgage loan options you may qualify for.
Because there are benefits and drawbacks to all of them, sit down and work with your loan officer to what the best option is for you and your circumstances.
While your down payment is typically what most buyers focus on, it’s not the only expense during closing you need to be aware of!
Because fees can vary based on the type of mortgage you get, you’ll want to speak with your lender to make sure you know what’s expected from you.
Before you go in for the closing, your lender should provide you with a Closing Disclosure statement.
Here are a few expenses you may be responsible for:
Your closing may have some of these expenses and not others.
One other expense that you may want to look into - discount points.
You may also hear about mortgage or discount points, which basically is you paying upfront at closing to get a lower interest rate.
If you have any questions or concerns, you should feel free to contact your loan officer.
If you’re thinking of buying a home in the near future, you should definitely check out the mortgage options Coastal offers!
All loans subject to approval.
Elle Martinez is the creator of Couple Money, a personal finance podcast and site focused on helping couples get on the same page, dump their debt faster, start building wealth together.