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Buying a House

How to find the mortgage rate to finance your dream

Home Buying Basics

Buying a home is a big investment, one of the biggest you’ll ever make. It’s also one of the best ways to build wealth. Whether it’s your first home or your fifth, you can take steps to make the process easier on you and your budget. Even if mortgage rates rise, we can help you find a mortgage loan to meet your needs. We’ll answer a few frequently asked questions in the meantime.

Home Buying FAQs

A few business days before your closing date, you'll receive a closing disclosure from your lender with a full breakdown of your loan details. The disclosure will itemize your monthly payment, interest rate and terms, loan fees and closing costs. Closing costs can range from 2-4% of the total purchase price.

Yes, absolutely. A seasoned real estate agent can save you time, money and a lot of stress. They’ll help refine your budget, research the neighborhood (schools, safety, taxes, etc.), settle on a price range and narrow down your search. A great real estate agent will also help you make an offer and negotiate a deal. And, like the best mortgage lenders, they’ll be there by your side through closing. And remember, the seller pays the agent, not the buyer.

Fixed-rate mortgages tend to be the most popular, because they offer the security of a predictable interest rate for the length of the term, whether it’s 15, 20 or 30 years. An adjustable-rate mortgage (ARM) lets you take advantage of a lower rate and fixed monthly payments upfront, with the understanding that your rate can fluctuate (or adjust) down the road. The upside of an ARM is the buying power it offers if you’re looking at a home priced slightly outside your price range.

To qualify for the best mortgage rates (and avoid PMI), aim for at least a 20% down payment. You can qualify for a mortgage with a lower down payment, but you’ll pay a higher interest rate. Consider an adjustable-rate mortgage to reduce your rate and your upfront monthly payments.

First ask yourself: How much mortgage can I afford? A good rule of thumb: Aim for total monthly mortgage payments under 25% of monthly net income. To determine your total payments, factor in not only principal and interest but also property taxes, homeowner’s insurance and, if applicable, homeowner association fees and private mortgage insurance (PMI). It’s a good idea to plan for ongoing maintenance costs and moving expenses too. Use our mortgage loan calculator to estimate your costs.

Let’s plan for your dream home.

Choose from these mortgage loans and more.

FIXED-RATE MORTGAGES

Lock in an affordable 15-, 20- or 30-year mortgage rate.

Learn More

ADJUSTABLE-RATE MORTGAGES

Think ARM if you want lower monthly payments upfront.

Learn More

CONSTRUCTION LOANS

Build your dream home at a competitive mortgage rate.

Learn More

PERSONAL LINE OF CREDIT LOAN

A great funding option for sudden expenses that you can tap as needed.

Learn More

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Buying a House

Home Buying Basics

Home Buying FAQs

Let’s plan for your dream home.

FIXED-RATE MORTGAGES

ADJUSTABLE-RATE MORTGAGES

CONSTRUCTION LOANS

PERSONAL LINE OF CREDIT LOAN

The F&M blog

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