How to Choose a Mortgage

The right mortgage isn’t just the one with the lowest rate. It’s the one that fits your budget, your plans and how long you’ll stay.

Here are the main choices to think through with your lender.

Here’s an honest look, whether you’re selling or buying nearby.

The big decisions

• Fixed or adjustable: A fixed rate never changes. An adjustable rate starts lower and can change later.
• Term: A 30-year loan keeps payments lower; a 15-year loan saves interest and builds equity faster.
• Loan type: Conventional, FHA, VA and others each have their own down payment, credit and insurance rules.
• Points: Paying points lowers the rate; it pays off only if you keep the loan long enough.

Compare apples to apples

Ask for Loan Estimates from more than one lender and compare rate, points, fees and monthly payment side by side. Read 15-Year Mortgages, Adjustable-Rate Mortgages and Mortgage Pre-approval, then start with the buyer questionnaire.

This is general information, not financial, tax or legal advice. Talk with your lender, CPA or attorney about your situation.

A simple plan for your choosing a mortgage move

I’ve been helping people sell and buy homes across Minnesota, Wisconsin, and Florida for about two decades, and I build and remodel luxury homes too. I’ll help you see both what a property is and what it could be.

Getting the house ready, or making it yours

If you’re selling and want repairs handled before buyers see them, Super Crew Contractors can give you an estimate. If you’re ready for something custom, Ivy Lane Homes does luxury home building and remodeling. And a quick coverage check with Intrinsic Insurance before closing can save you a surprise. For the local picture, read my Chaska homes guide or browse neighborhoods in Chanhassen and Victoria.

Super Crew Contractors, Ivy Lane Homes and Intrinsic Insurance are owned by David Olson; you are free to use any contractor, builder or insurer.

Your next step in choosing a mortgage

Every move is different. When you’re ready to talk about yours, I’m a call or text away.

Please note: I don’t handle rentals or property management. I work with sellers and buyers, and that’s where I can help you most in choosing a mortgage.

Twin Cities market notes

Stay close to the market, without the noise.

Every so often I send a short, practical note: what Twin Cities homes did, prep tips that are worth the money, and neighborhoods worth a look.

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— David