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These fast-growing US towns also boast affordable real estate

Mediafeed Logo By Mike Brown of Mediafeed | Slide 2 of 50: Becoming a homeowner with the help of a mortgage is not only a serious life decision, but a serious financial one as well.For this reason, LendEDU provides a few tips below on buying a home with a mortgage.Compare your options & do your researchFrom regular mortgage lenders to online mortgage lenders and VA mortgage lenders, there are a ton of home loan lenders out there today so it’s imperative to compare all of your options in order to feel confident in the mortgage provider you eventually settle on.Further, you must also do some research on current mortgage interest rates in addition to the mortgage lenders themselves. From 30-year mortgage rates to VA mortgage rates, home loan interest rates can vary quite significantly. Doing your due diligence will go a long way towards getting favorable terms.Set a budgetSince becoming a homeowner is such a massive financial undertaking, it’s imperative to set a budget so that you target a specific price range that will make your monthly mortgage payments affordable and as stress-free as possible.One way to set your home buying budget is to utilize LendEDU’s mortgage calculator, which allows you to estimate your monthly home loan payments and total mortgage cost based on things like the mortgage amount, interest rate and loan term.Think about refinancing in the futureOnce you have taken out a mortgage and have become a homeowner, you should first focus on meeting your monthly mortgage payments to build up your credit and prove that you can afford your home loan.After some time, it’s never a bad idea to look into a mortgage refinance to see if you can qualify for a lower home loan interest rate or more favorable repayment terms compared to your original mortgage. 

Tips for buying a home with a mortgage

Becoming a homeowner with the help of a mortgage is not only a serious life decision, but a serious financial one as well.

For this reason, LendEDU provides a few tips below on buying a home with a mortgage.

Compare your options & do your research

From regular mortgage lenders to online mortgage lenders and VA mortgage lenders, there are a ton of home loan lenders out there today so it’s imperative to compare all of your options in order to feel confident in the mortgage provider you eventually settle on.

Further, you must also do some research on current mortgage interest rates in addition to the mortgage lenders themselves. From 30-year mortgage rates to VA mortgage rates, home loan interest rates can vary quite significantly. Doing your due diligence will go a long way towards getting favorable terms.

Set a budget

Since becoming a homeowner is such a massive financial undertaking, it’s imperative to set a budget so that you target a specific price range that will make your monthly mortgage payments affordable and as stress-free as possible.

One way to set your home buying budget is to utilize LendEDU’s mortgage calculator, which allows you to estimate your monthly home loan payments and total mortgage cost based on things like the mortgage amount, interest rate and loan term.

Think about refinancing in the future

Once you have taken out a mortgage and have become a homeowner, you should first focus on meeting your monthly mortgage payments to build up your credit and prove that you can afford your home loan.

After some time, it’s never a bad idea to look into a mortgage refinance to see if you can qualify for a lower home loan interest rate or more favorable repayment terms compared to your original mortgage. 

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