Century 21 Judge Fite Co.
Century 21 Judge Fite Co.
Kay Thornton, Century 21 Judge Fite Co.Phone: (214) 803-2609
Email: [email protected]

Factors to consider when reviewing mortgage lenders

by Kay Thornton 05/01/2024

Factors to consider when reviewing mortgage lenders featured image

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. 

How does a mortgage work?

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. 

Tell me the minimum credit score required for a home loan?

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. 

Review methodology

As you compare and review different mortgage lenders and loan types, there are a few great factors to consider to narrow down your search: 

  • Do they offer lower interest rates? 
  • Do they have good costume reviews regarding communication and integrity? 
  • What fees do they charge in connection with taking out a loan? 
  • Do they have local servicing? 

By reviewing your credit history and doing research on



About the Author
Author

Kay Thornton

Home ownership is one of the largest and most exciting investment a person will ever make, for that reason it should be one of the most pleasant and memorable experience in an individual's life. When the time comes for you to buy a home or to sell your home, please remember to allow me to put all my knowledge and experience to work for you. I would be delighted to serve you.