How the right mortgage can open doors, and how to find it
They’re not all the same. The right mortgage can open the door to the life you want—not just the house you want.
With some honest reflection and trusted advice, you can get more out of your resources, secure special terms, and make your offer more attractive to sellers. Here are some things to consider when planning your next chapter.
Fit your mortgage to your life and dreams, not just your house
Think about your life after you move in, not just how many bedrooms. How long do you plan to live here? Are there kids in your future? What other dreams do you want to finance? The answers might affect what your mortgage looks like – for instance, buying “points” will reduce your monthly payments but cost cash up front. When do you need those resources?
Tap your mortgage banker's inside info and experience
A mortgage banker is like a concierge – they know all the tricks and have access others lack. Have your mortgage banker walk you through the fine print and help you sort through offers. Hint: it isn’t about picking the lowest number. For example, some mortgages may have a great rate, but have hidden fees and even penalties for paying early.
Match the mortgage to the market to get an edge
No two markets are the same – mortgages aren’t one-size-fits-all either. Having a pulse on what’s happening locally can help you get a mortgage that will make your purchase easy. In a hot market, mortgages with fewer hoops to jump through may be more desirable to sellers and make your offer stand out.
Ask about special mortgage programs not widely promoted
Did you know there are special mortgage programs for teachers? And for firefighters, law enforcement personnel and EMTs? Or for people looking to buy a home in certain areas, like small towns? Or for people who plan to make energy efficient improvements to their home? Ask your mortgage banker about programs lenders might not promote.
A home is far more than square footage —it’s where your memories will multiply. Finding the right mortgage will let you concentrate on what matters most.