Your first step toward purchasing a home should be to determine how much money you have available for down payment and closing costs since this will affect the loan programs that you qualify for. Your down payment will also impact your interest rate since some loan programs charge a slightly higher interest rate for minimal down payments. Plus, different loan programs offer different interest rates. If you only have a minimum down payment or someone gives you a gift for all or part of your down payment, your loan program choices will be limited. Your options will also be limited if you need the seller to cover all or part of your closing costs. On the other hand, if you have enough for a large down payment then you have many loan program choices.

Call one of our loan officers today for more information about getting pre-approval for a mortgage!