For many first-time buyers, the mortgage is the most confusing part of buying a home. Understanding a few basics will help you feel confident when you talk to lenders.

Pre-qualification vs. pre-approval

Pre-qualification is a quick estimate of what you might borrow. Pre-approval involves a full review of your income, credit and assets, and it carries much more weight with sellers.

Common loan types

• Conventional loans are not government-backed and often suit buyers with good credit.
• FHA loans allow lower down payments and more flexible credit requirements.
• VA loans are available to eligible veterans and service members.
• USDA loans can help buyers in eligible rural and suburban areas.

Fixed or adjustable rate

A fixed-rate mortgage keeps the same interest rate for the life of the loan. An adjustable-rate mortgage starts with a set rate that can change later. Your lender can help you compare.

Look beyond the interest rate

Consider closing costs, lender fees, mortgage insurance, property taxes and homeowners insurance. These all affect your monthly payment and how much cash you need at closing.

Ask about assistance programs

There are programs that help first-time buyers with down payments and closing costs. Ask your lender which ones you may qualify for.

I'm happy to connect you with trusted lenders and guide you from pre-approval to closing. Call me at 404-530-9730.