What Is The Best Mortgage?

November 06, 2020 by Dan Green

What’s the best mortgage for a home buyer? The answer is that “it depends”.

The best mortgage for you won’t be the one your best friend would necessarily choose; nor would it be the one your parents would choose.

Mortgage loans are unique. Everyone’s “best mortgage” is different.

To determine which mortgage loan is best for you, you’ll want to know:

  • What your credit score is
  • How long you plan to keep the mortgage
  • How much you want to pay for your mortgage each month

With the answers to these three questions, a mortgage expert can generally point you in the proper direction to get started with your home loan.

You’ll also need to think about how your down payment will affect your household’s emergency reserves.

Life doesn’t always go as planned so make sure to keep at least 6 months worth of cash in a bank account, ready at a moment’s notice.

If you can stash 12 months in reserve, even better.

In general, for home buyers with low credit scores or a low Down Payment, FHA loans are best.

For buyers with military experience, VA loans usually win.

For buyers in rural and less-densely populated suburban neighborhoods, 100% USDA loans are often a fit, given the right scenario.

For everyone else, there are specialty mortgage products available, each with unique benefits — especially if you work in the public service sector. This includes members of the police force and fire brigade, and teachers.

Are you a first time home buyer?

Let us know if you’ve done this before - whether you’re a seasoned pro or buying for the first time. We’ll share the perfect information with you as you need it.

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