Whether it is your first, second, or fifth time buying a home, determining the mortgage that is best for your personal situation can be a tedious, stressful process. The last thing you want to do is have your heart set on a property or house that you can’t afford.

Regardless of what any mortgage calculator tells you what you can afford, it is imperative that you consider the full financial picture. The first, and best, thing you should do is to consult a mortgage professional. They will help you get a much more accurate analysis of what you can really afford. Mortgage professionals can also help you determine what type of mortgage is best for you, for example: 30-year mortgage versus a 15-year mortgage; a fixed-rate mortgage versus an adjustable-rate mortgage.

Mortgage professionals can also help prepare you for meeting with lenders. Lenders take into consideration various things before determining your mortgage qualifications, such as your debt, credit score and history, FICO score, and employment history. Knowing all those things ahead of time will save you time and stress in the long run, as well as show the lenders that you are organized and serious about their investment in you.

You will also want to discuss with your mortgage professional how much you will be able to offer as a down payment, since that will have an effect on your mortgage. Generally, the more money you are able to put down, the lower your monthly payments will be. There are special mortgages available for qualified individuals that require very little to no money down, which means you end up paying more interest, but it might be necessary for people that do not have the equity required to make the initial down payment. There are also special loan options for military personnel and family members.

As you can see, there are many variables that affect the mortgage loan application process. It is best to meet with a mortgage professional in the beginning of the process so that you understand all of your mortgage options, ensuring that the entire process goes much faster and runs smoothly.

If you would like more information, or if you need to speak with a mortgage specialist, please contact our office today!