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The Benefits of Being Openminded When Browsing Mortgage Options

We understand that not all mortgage products are created equal, and we also understand how overwhelming the number of options can be, especially for first-time homebuyers. It can be tempting to pick the first mortgage product you see and call it a day; however, it’s important to consider every avenue before making a finite decision. Have you ever heard the phrase, “Don’t put all your eggs in one basket?” While it might seem cliché, it’s an important concept to embrace when embarking on the decision-making process of your mortgage journey. You’ll likely be paying back your mortgage over a lengthy period of time, so it is crucial to choose a loan that will mold well into your budget and lifestyle.

Consider Your Experience
Homebuyers vary from first timers to seasoned experts. Some have bought and sold a handful of times and others have finally stepped away from renting and hope to make their first purchase. No matter the case, it is important to consider your experience when choosing the best mortgage option for you. While conventional mortgages are considerably popular and may be a viable option for experienced buyers, a buyer with no prior history of mortgage payments should opt for a first-time homebuyer program. Orlando Credit Union offers fixed rates for first timers and the ability to borrow up to 97% of the home’s value. Additionally, the credit union is continuing to introduce new and improved home products to fit a variety of individuals on all experience levels.

Consider Your Time
Loan terms are crucial to consider when choosing the best mortgage option on the table. The length of time your loan is carried out will determine what your monthly payments look like. Consider which factors hold value to you: paying off your loan quickly or paying less monthly. Some individuals may prefer a shorter loan term depending on the situation; however, this will lead to higher monthly payments. Buyers who opt for a lengthier loan term will have the benefit of lower monthly payments, but they may also pay higher interest over the life of the loan.

Consider Your Budget
As previously mentioned, high interest rates are an important factor to consider when shopping mortgage products. That magic number can make or break your budget, which brings us to the importance of considering whether a fixed or adjustable rate would make the most financial sense for you. For some individuals, a fixed rate is a safe and stable option to maintain your finances throughout the life of the loan; meanwhile, others consider an adjustable rate to be more beneficial for their lifestyle. Orlando Credit Union’s conventional mortgage option offers both fixed and adjustable rates, as well as refinancing opportunities. Additionally, Orlando Credit Union offers the ability to escrow and make partial and principal payments, allowing our members to access the best financial path for their lifestyle and budget. To find out more information, visit the mortgage section of the Orlando Credit Union website or schedule a meeting either over the phone or in person.