Factors to Consider Before Applying for a Home Loan

Factors to Consider Before Applying for a Home Loan

• Credit Score & Financial Health – A higher credit score leads to better interest rates and loan terms.
• Down Payment – While some loans require as little as 3% down, a larger down payment can lower monthly costs.
• Interest Rates – Fixed-rate mortgages offer stable payments, while adjustable-rate mortgages (ARMs) may have lower initial rates but can fluctuate.
• Loan Terms – Shorter-term loans have higher payments but lower total interest costs, while longer terms offer lower monthly payments.