Best mortgage with 20% down payment
A first-time home buyer here and I am excited to go house hunting. There is a new real estate development in our neighborhood and I would love to buy a new home there. With so many mortgage options out there, what would be the best for me? I have no debt and have enough savings to put down 20% for a new home. by jbryan427 from Georgetown, Delaware. Oct 22nd 2021
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
No lender is able to offer 100% insight without reviewing a full application, and then having a conversation about your long and short-term payment and equity objectives. Unless you are U.S. Military, the best loan is probably going to be your good old fashioned boring conventional loan. The 30-year is most popular, you you should investigate shorter terms (25, 20, 15) if you can swing the payment for huge long-term interest savings. As a first time buyer, you are probably thinking some sort of first time buyer program, but with 20% down, that probably isn't the right course. Talk to a local mortgage broker, and stay away from the big banks and big online lenders. I lend in MN WI IA ND SD. Find me at FirstTimeHomeBuyer-Mn.com - Cambria Mortgage, NMLS 274132
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