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Choosing the best loan

When you start to shop around for a loan program, it's important to take into consideration:

  • your payment's stability,
  • your ability to qualify for the loan amount,
  • how long you plan to live in the home,
  • whether your income is stable or rising,
  • the possibility of significant interest rate changes, and
  • the amount of up-front costs and whether you can comfortably afford your monthly mortgage payment.

Your monthly mortgage payment will generally include: a principal and interest payment; an amount to cover your real estate taxes and homeowners insurance; and possibly an amount to cover other costs like condominium dues and mortgage insurance.

When you are ready to apply for a loan, your lender will review the loan options that are available and will help you determine the type that best suits your needs, including:

 
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