Buying a home is no small thing. A home is one of the biggest and most stressful purchases many people will make in their lifetime.
While the process can be intimidating — saving for a down payment, applying for a mortgage, closing costs, credit reports, and the list goes on — the end result (home ownership) is often well worth it. Unlike renting, entering into a mortgage can give you a financial asset with equity.
Di Morais, President of Consumer and Commercial Banking Products at Ally, appeared on a recent episode of Your Cheddar, our weekly livestream in collaboration with Cheddar, to discuss the current mortgage landscape and share advice for anyone who is considering buying a home. See a clip from Di’s segment below.
One common obstacle in buying a home can be not feeling financially prepared to enter into a mortgage. If you’re feeling overwhelmed or intimidated by the prospect of purchasing a home, maybe all you need is a shift in perspective.
Younger millennials especially might feel that owning a home is out of reach — but that’s not necessarily true. With interest rates at an all-time low and customized mortgage options on the rise, there’s a good chance that buying your dream home is more achievable than it may seem.
Find the Right Mortgage Option For You
There are plenty of different mortgage options today — whether you’re looking for a lower down payment or a shorter term — you can find a customized program for nearly every situation. Of course, with varying rates and terms, there will be trade-offs. Start by educating yourself. Do a little bit of research on what options exist.
From there, the best advice we can give you is to discuss your situation with a professional to find a good fit. A good lender will be specialized in helping consumers determine what options are best for each individual’s situation based on variables like how long they’re planning to commit to a home, price range, and other preferences.
While considering mortgage options, there is one more aspect you should always consider — yourself as a customer! It’s critically important to choose a lender that is committed to making the process easy for you. Getting a mortgage can be a complex process that requires several steps. And there’s a good chance you’ll continue interacting with your lender for years into the future. Don’t discount the importance of customer service and an easy, online process.