Before purchasing your home, you may find yourself searching in the market for mortgage loans. Finding a good mortgage lender can help you solidify the funding needed to secure a home and can help to simplify some aspects of the homebuying journey.
So, what exactly is a mortgage? A mortgage is a loan with terms often ranging from 10 to 30 years in which a borrower is awarded financing to purchase a residential property. Monthly payments of a mortgage loan go towards the principal balance, mortgage insurance, property tax and interest rates.
On average, many mortgage lenders offering conventional loans require a credit score of at least 620 to demonstrate good credit history. Loan types such as FHA loans do allow borrowers to qualify with lower credit scores; however, this often comes with higher interest rates and a larger down payment requirement.
If you’re in need of a larger mortgage, you may be considering applying for jumbo loans. Due to the higher amount of financing being borrowed, the average credit score needed to qualify for a jumbo loan is around 700.
As you compare and review different mortgage lenders and loan types, there are a few great factors to consider to narrow down your search:
By reviewing your credit history and doing research on
Since 1990 I've been happily helping people just like you realize their dream of home ownership, and loving every minute of it! I'm an educator by heart, so you won't feel overwhelmed with the whole process. I'll be there with you every step of the way and more! I've been where you are now more than once and I understand all the emotions and apprehensions that come with a move. If you're relocating, I will make sure you have all the information about neighborhoods, schools and services that are important to you. I am detail oriented and I have a strong background in research. I have my BA in Economics from Lewis & Clark College, and graduate studies in Counseling Psychology at St. Martin's University. I'm a graduate of the Masters Sales Academy for Realtors. I've also been an instructor for new real estate agents. I've been recognized with the National Sales Award "The Dozen" for being in the Top 5% of all Realtors & the local Realtors Thurston County Star Agent Award.
