Mortgage Pre-Approval

One of the first steps in the home buying process is to consult with a mortgage lender about your financing options.  Some of the most common loan programs are the following:

  • Conventional - minimum 5% down payment, can be amortized over 15 or 30 years.  20% down payment eliminates the need for private mortgage insurance.
  • ARM - Adjustable Rate Mortgage. Similar to conventional but interest rate only fixed for a certain number of years, usually 3 year, 5 year, or 7 year. Can be a good option if you know you'll only be in the house for a shorter time frame. Rates are usually lower than 30 year fixed.
  • FHA - Allows for slightly lower credit scores (low 600s).  Minimum 3.5% down payment.
  • USDA (rural development) - For more rural properties (not Madison).  Can do as low as 0% down payment.
  • VA - For Veterans from the military, allows for 0% down payment.
  • Bridge Loans - Can use your equity on your current home to buy a new home ("bridge" the gap).
  • Jumbo - For loans that exceed $548,250 (in 2021).
  • Physician - For Doctors only. Many have options with lower payments in the first couple years, then designed to scale as expected income rises.

When you know what you can afford, you can focus your home search and make your move more quickly when you find the property you want.

Fill out the form below to begin the process and get our list of recommended mortgage lenders.

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