A new home may be one of the biggest purchases you’ll make in your life.
Before you begin shopping for the right home to buy, you’ll need to explore mortgage options if you’re planning to finance the purchase.
Not all home loans are the same, though. So, doing your research before moving forward can help you select the most suitable option for your financial situation
Conventional loan – Best for borrowers with a good credit score
Jumbo loan – Best for borrowers with excellent credit looking to buy an expensive home
Government insured loan – Best for borrowers who have lower credit scores and minimal cash for a down payment
Fixed-rate mortgage – Best for borrowers who’d prefer a predictable, set monthly payment for the duration of the loan
Adjustable-rate mortgage – Best for borrowers who aren’t planning to stay in the home for an extended period, would prefer lower
payments in the short-term and are comfortable with possibly having to pay more in the future