Do I need 20% down?
No. Twenty percent avoids PMI on many conventional loans, but it isn't required. FHA can go as low as 3.5% for qualified buyers. Eligible veterans and spouses may use VA with $0 down. Some assistance programs help with down payment and closing costs. Ask early so you're not guessing at the open house.
Why isn't my rate the one in the ad?
Ads show a best-case borrower. Credit score, down payment, loan size, and property type all move the number. Shop lenders. Comparing a few quotes is normal and can save real money over the life of the loan.
Is a 30-year fixed always best?
It's popular because the payment is predictable. A 15-year loan costs less interest if you can handle the higher payment. An adjustable-rate loan can make sense if you'll sell or refinance before it adjusts, not if you need certainty for a decade. Match the loan to your timeline.
What is PMI?
Private mortgage insurance protects the lender when you put less than 20% down on a conventional loan. It raises your monthly payment until you build enough equity to remove it. Sometimes lender-paid options trade PMI for a higher rate. Run the numbers both ways.
What if I miss a payment later?
Call the lender before the due date if you're in trouble. Grace periods vary; delinquency can hit credit and, left alone, lead to default. Early contact opens options. For score prep before you buy, see credit moves that can sink a mortgage.