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
Raena has an exceptionally positive outlook on life. She believes every day presents a new and exciting adventure. She also applies this attitude towards her work. She was raised in Bangor, Maine until she moved to Venice in 2011. She graduated from the University of Maine at Orono with a bachelors degree in public management. She has been an entrepreneur her entire life, owning several small businesses in Maine. She contributes her success to her problem solving skills and her commitment to excellent customer service. These skills will easily carry over to her real estate career. Her market knowledge and customer service will provide great service to her real estate clients.
She is currently a Realtor(R) for Coldwell Banker Residential Real Estate in the Venice office.