Mortgage options for buying a home

Plan your down payment, compare loan quotes, and understand approval and closing costs.

Start with the whole budget

A comfortable housing budget includes principal, interest, property taxes, homeowners insurance, mortgage insurance, and any HOA dues. Keep savings for closing costs and emergencies instead of treating the lender's maximum approval as your spending target.

Credit scores and lender requirements
Preapproval versus prequalification
Closing costs and cash needed

Compare the loan, not just the rate

Request quotes for the same property, term, down payment, and lock period. Check mortgage insurance and points as well as the interest rate. A lower monthly payment can still leave you with higher upfront costs or a larger balance.

FHA versus conventional costs
APR versus interest rate
How to shop for a lower rate
Points, seller credits, and buydowns

Protect your purchase timeline

Clarify the conditions of a preapproval and the expiration of a rate lock. Verify unfamiliar mortgage offers before giving out information.

Rate locks and timing
Verify a lender or mortgage letter
Down payment assistance programs
Compare buying now with waiting
Assumable mortgage eligibility and costs

Educational estimates are not loan offers or approval decisions. Ratespedia LLC, company NMLS #2796610. Check service availability and licensing.