5 Things to know before your first mortgage

Buying your first home is an exciting milestone, but the process can feel overwhelming. To help you navigate the journey, here are five things you should know before jumping into your first mortgage:

1. Know Your Credit Score

Your credit score plays a big role in determining your mortgage rate. The better your score, the better your chances of securing a competitive rate. Check your credit early and work on improving it if needed before applying for a loan.

2. Get Pre-Qualified

Before house hunting, get pre-qualified for a mortgage. This gives you a clear idea of how much you can borrow and shows sellers you're serious about buying. Plus, it speeds up the process once you find your dream home!

3. Understand the Different Loan Types

Not all mortgages are created equal. You’ll want to understand the differences between options like conventional loans and specialized loans. Meet with one of our Mortgage Lenders to help choose the one that aligns with your financial situation.

4. Consider Your Down Payment

Increasing your down payment can lower your monthly payments and eliminate the need for private mortgage insurance (PMI). While some programs offer low down payment options, saving as much as possible upfront can significantly reduce the overall cost of your loan.

5. Don’t Forget Closing Costs

Reach out to a mortgage lender to get a detailed explanation of closing costs. They can walk you through expenses like lender fees, title insurance, and property taxes, giving you a clear picture of the total costs and helping you plan your budget accurately.

Taking the time to understand these key points will set you up for a smoother and more successful mortgage experience. Ready to start your home-buying journey? Contact us today to learn more about your mortgage options!

Building Better Futures, One Home at a Time.

Ready to build your future? Connect with our team and discover the perfect mortgage solution for you.

Rory Maurer

VP - Mortgage Lender | Monroe Branch

(608) 329-2054 | NMLS ID: 523674

Michelle Davis

VP - Mortgage & Commercial Lender | Monroe Branch

(608) 329-2067 | NMLS ID: 463073

Kasey Bruehlman

Mortgage & Consumer Lender | Monroe Branch

(608) 329-2072 | NMLS ID: 1696025

Debra Severson

VP - Branch Manager | Blanchardville Branch

(608) 523-4217 | NMLS ID: 423470

Diedre Neis

Mortgage & Consumer Lender | Darlington Branch

(608) 773-3023 | NMLS ID: 820415

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