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Buying a home can be intimidating—after all, it’s probably the biggest purchase you’ll ever make. A house can provide access to financing for more of life’s major expenses, so it can be well worth the investment. But for newbies and longtime owners alike, keeping up with all the basic home loan options can be a challenge. Here’s a primer to get you started.Deciphering the code
All the terms related to mortgages and other types of home loans can make the uninitiated feel isolated, as if everyone in the room is speaking a different language. It’s hard not to get lost amid the acronyms being tossed around. Here are the top terms to know:
Dominion Energy Credit Union has options with lower down payments to avoid the cost of PMI, and no origination fees that can help you get into a new home sooner. Plus, we have a cap on how much your rate could rise.
Dominion Energy Credit Union has a low down payment option, and the seller can contribute towards closing costs.
The actual rate you’ll receive is partly based on your credit score, on a range that tops out at 850. Experian, one of the three large credit rating companies, says the average American scored 666 last year. If you have a score under 700, it might be worthwhile to build up your credit for a year or two before applying for a new home loan.
Now that you have some basic familiarity with the terms and what they mean, when you’re ready to start looking for a home loan, you’ll be in a better position to make the right choice.
Cait Klein, NerdWallet
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