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Top 4 Things To Consider Before You Choose Your Mortgage

By
Real Estate Agent with Coldwell Banker Realty 179530

TOP 4 THINGS TO CONSIDER BEFORE YOU CHOOSE YOUR MORTGAGE

 

Ready to buy a home but are feeling overwhelmed by financing options? Here are the top 4 things to consider when choosing a mortgage:

 

📈 Credit Score:
This three-digit number can significantly impact your interest rate and the types of loans you qualify for.

 

📊 Income & Expenses:
Lenders want to ensure your income will comfortably cover your mortgage payments and other debt obligations.



💰 Down Payment:
The amount you put down will affect your loan options, monthly payments, and need for mortgage insurance.

 

📆 Lifestyle & Risk Tolerance:
Your term length and interest rate type (fixed or variable) should align with your financial goals and comfort level.

 

For more on choosing the right mortgage for your specific situation, check out my latest blog post on the top 4 things to consider before choosing your mortgage.

 

Factors to consider when choosing your mortgage

4 Factors to consider when choosing your mortgage

 

By the way, I have a list of vetted mortgage professionals who can explain your options, answer your questions, and help you find the best loan to meet your needs.

 

I can also develop a custom plan for securing a great home that fits your budget. Reach out when you’re ready to get started.  

 

LOOKING FOR YOUR DREAM HOME IN GREATER CHARLOTTE? 

 

Find Your Dream Home at www.GreatHomesInCharlotte.com

 

FREE Home Buyer Guide: “Things To Consider When Buying A Home”

 

This information about what you need to consider before choosing a mortgage is provided by Nina Hollander with Coldwell Banker Realty, Greater Charlotte  residential real estate expert. I've been opening doors for Ballantyne area home buyers and sellers since 1999.

 

If you're considering buying or selling a Charlotte area home, I'd love to earn your business, exceed your expectations, and to show you why experience matters and how:

"The Right Broker Makes All The Difference."

 

Posted by

 

 Nina Hollander, RE/MAX Broker, Realtor

 

 

 

Broker, Realtor, MBA, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with Coldwell Banker Realty
Direct: 704-779-0813
Website: www.GreatHomesInCharlotte.com
Blog: News You Can Use From The Greater Charlotte Area
Search For All Charlotte Area Homes: www.GreatHomesInCharlotte.com 

Charlotte Magazine 5-Star Customer Satisfaction Award Winner Since 2007

 

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Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

 

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Good morning Nina, These Top 4 factors to evaluate before securing a mortgage, should ensure a homebuyer the best advice for purchasing a home!

Aug 03, 2024 06:57 AM
Nina Hollander, Broker

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 hi Sheila... too many buyers still think that you select a mortgage based only on interest rate. And there are so many other factors to consider.

Aug 03, 2024 07:03 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Great information. Thanks for sharing, enjoy your weekend.

Bill Salvatore Arizona Elite Properties.

Aug 03, 2024 07:20 AM
Nina Hollander, Broker

Bill Salvatore - East Valley thank you, Bill. And thank you for popping by. Wishing you a great weekend.

Aug 03, 2024 07:22 AM
Sham Reddy CRS
Howard Hanna RE Services, Dayton, OH - Dayton, OH
CRS

Thanks for sharing Nina!!! Great information on looking into various mortgages!!!

Credit score can significantly impact your interest rate and the types of loans you qualify for.

Aug 03, 2024 08:10 AM
Nina Hollander, Broker

Sham Reddy CRS Happy Saturday, Sham! To this day, too many buyers don't fully grasp all the steps and nuances involved in getting a mortgage. Hopefully, some will learn something from my post.

Aug 03, 2024 09:07 AM
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

Nice post Nina. I think the mortgage lender you choose to deal with is so important because you will rely on the info they give you to move forward.

Aug 03, 2024 08:12 AM
Nina Hollander, Broker

Jeffrey DiMuria 321.223.6253 Waves Realty hi Jeff... I learned early on how important the right lender is to a purchase right from the get go. And at the end, how important the lender remains.

Aug 03, 2024 09:08 AM
Abby Stiller
TOP SELLING REALTY - Cape Coral, FL
SW Florida (239) 284-8637

Great information Nina Hollander, Broker specially for first time home buyers. And like Jeffrey says finding a good mortgage company is super important too. Have a great day!

Aug 03, 2024 09:39 AM
Nina Hollander, Broker

Abby Stiller thanks, Abby. And I agree. No Realtor should be without at least one great lender partner.

Aug 03, 2024 11:38 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

The counseling part of the job gets little recognition and yet that is where the results are achieved.

Aug 03, 2024 10:16 AM
Nina Hollander, Broker

Ed Silva, 203-206-0754 hi Ed... you are so right. And that's where we often spend much time without direct remuneration.

Aug 03, 2024 11:38 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Nina- just as not all agents are created equal, not all lenders are either. It's important to work with a knowledgeable lender. For first time buyers, choosing what mortgage to get can be daunting. 

Aug 03, 2024 11:23 AM
Nina Hollander, Broker

Kathy Streib absolutely, Kathy. But these days, even buyers who are not first-timers need good counseling. Things are always evolving and changing in the mortgage side of the business and what might have been "standard" when a buyer first got a mortgage isn't so standard any more. I remember the days when you really had to have 20% down and that hasn't been so in a long time... but many older people still think you need 20% down.

Aug 03, 2024 11:40 AM
Lew Corcoran
Better Living Real Estate, LLC - East Bridgewater, MA
Expert guidance. Exceptional results.

Thank you, Nina, for sharing these essential considerations for choosing a mortgage; your guidance makes navigating the financing process much clearer and more manageable!

Aug 03, 2024 12:04 PM
Nina Hollander, Broker

Lew Corcoran thanks, Lew, and thanks for popping by. That's probably the extent of my guidance... after a certain point I send them to a top lender to sort it all out. :)

Aug 03, 2024 01:30 PM
Roy Kelley
Retired - Gaithersburg, MD

This is good advice to share with prospective mortgage borrowers.

Aug 03, 2024 12:49 PM
Nina Hollander, Broker

Thanks, Roy.  The mortgage landscape keeps changing the way the real estate landscape keeps changing. 

Aug 03, 2024 01:31 PM
George Souto
George Souto NMLS #65149 - Middletown, CT
Your Connecticut Mortgage Expert

Nina these are all very important considerations, and the ability to get financing depends on a credit scores and debt-to-income ratios.

Aug 03, 2024 03:11 PM
Nina Hollander, Broker

George Souto good morning, George... and new compensation rules for realtors will also impact how lenders like yourself do mortgages.

Aug 04, 2024 05:10 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Nina Hollander, Broker  great advice no add to that how mortgage companies will handle the new era of handling the changes need to be added to the mix, thought George Souto  would agree, Endre

Aug 03, 2024 09:33 PM
Nina Hollander, Broker

Endre Barath, Jr. good morning, Endre... our preferred lenders will become even more important as the new compensation and concession rules come into play.

Aug 04, 2024 05:11 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Those are all very important things to be considered before choosing a mortgage and having a mortgage is a lot better than paying rent, haha.

Aug 04, 2024 05:53 AM
Nina Hollander, Broker

Brian England good morning, Brian... I think there are as many misconceptions about mortgages as there are about the process of buying a home.

Aug 04, 2024 06:06 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nina, great post for buyers to know when contemplating a mortgage process.

Aug 05, 2024 02:40 PM
Nina Hollander, Broker

Joan Cox thanks, Joan. Getting a mortgage these days can be pretty complicated with all the different options.

Aug 05, 2024 02:50 PM
Bo Zivak
Zivak Realty Group - Nashville, TN
Nashville Real Estate Broker

Thanks for the tips! These are crucial for making a smart mortgage choice. Have an outstanding Day.

Aug 06, 2024 02:52 AM
Nina Hollander, Broker

Bo Zivak thanks, Bo... for popping by and for taking time to leave me a comment.

Aug 06, 2024 04:30 AM