You Don’t Need To Pick Your Mortgage Until You’ve Bought A House, So Relax A Bit

June 13, 2019 by Dan Green

When you’re buying a house, there are a lot of choices to make. The sheer volume of choices can feel overwhelming — especially it comes to picking out a mortgage.

Maybe you feel this way, too.

As a home buyer, you have access to hundreds of different home loans and getting a grasp on how each of them might affect your life might seem like a monstrous task.

Well, here’s a small secret — you don’t need to choose your mortgage today.

You don’t even need to choose your mortgage tomorrow, or the day after that. Choosing the type of mortgage you want to use can be pushed off all the way until after you’ve made an offer on a house, and that offer’s been accepted.

This could be months from now.

However, you will get there and, when you do, you won’t be alone. Your mortgage lender will be there to help you sort through the information and make a good choice.

For example, if you are a veteran or active duty serviceperson, your loan officer might discuss the VA Mortgage with you because it offers below-market interest rates and reduced fees.

Or, if you buy a modest-sized home in the suburbs somewhere, you’ll be told about the USDA loan, which allows for 100% financing and similarly low interest rates.

Some other specialized loan programs include:

  • Mortgages for people who are doctors, residents, or medical students
  • Mortgages for people who are firefighters, police, or EMS
  • Mortgages for people who buy homes in underserved areas

Don’t let choices overwhelm you. Choices are good. Without choices, you’d be stuck in a generic, one-size-fits-all home loan and that’s bad.

You’re not a mortgage expert and nobody expects you to be. Leave your options open.

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