loan to buy a house: compare, verify, and plan

At the kitchen table, the lender texts: your lock ends Friday and the appraisal may run low - so a loan to buy a house isn't just approval. The lowest APR seems obvious; actually, fees and lock terms can outweigh it - though for short holds, APR might still win.

Key comparisons

• Fixed vs ARM: stable payments vs possible resets.
• APR vs rate: points, credits, and closing costs change totals.
• FHA vs conventional: easier qualifying vs MIP and property rules.

Reduce risk before signing

1. Get mortgage preapproval and Loan Estimates from 3 lenders.
2. Stress-test at +2% rate; check ARM caps and any prepayment penalty.
3. Match lock length to closing; ask about float-downs or extensions.

Whether seeking a first-time home buyer loan, hunting the best mortgage rates, weighing FHA vs conventional mortgage, or using down payment assistance, compare scenarios and total cost.