Factors to Consider When Choosing Your MortgageBy Craig Shumway / August 6, 2024 Ready to buy a home but feeling overwhelmed by financing options? Here are four factors to consider when choosing a mortgage: Credit Score: This three-digit number can significantly impact your interest rate and the types of loans you qualify for. Income & Expenses: Lenders want to ensure your income will comfortably cover your mortgage payments and other debt obligations. Down Payment: The amount you put down will affect your loan options, monthly payments, and need for mortgage insurance. Lifestyle & Risk Tolerance: Your term length and interest rate type (fixed or variable) should align with your financial goals and comfort level.
