The right mortgage begins with understanding you.

Start with the monthly housing payment that fits your real budget—not only the largest loan you may qualify for. Include principal, interest, property taxes, homeowners insurance, possible mortgage insurance, HOA dues, maintenance, and room for other priorities. Harry can help translate that comfortable payment into a realistic price range.

Your debt-to-income ratio, or DTI, is your total monthly debt payments divided by your gross monthly income. Lenders use it as one measure of your ability to manage a new payment. Acceptable limits vary by lender, loan program, and the strength of the rest of your application.

Your credit report and credit scores can affect both approval and pricing. In general, stronger credit may create access to more choices and lower rates, but credit is not the only factor. Before applying, review your reports, keep payments current, and ask before opening new credit or making a large financed purchase.

No. Some conventional and government-backed programs may allow a smaller down payment for eligible borrowers. A lower down payment can preserve cash, but it may increase the loan amount, monthly payment, and mortgage-insurance cost. The useful question is which tradeoff best supports your full plan.

A 15-year loan generally has a higher monthly payment but builds equity faster and usually costs less total interest. A 30-year loan generally lowers the required monthly payment and offers more cash-flow flexibility, but usually costs more interest over time. “Better” depends on your budget, reserves, other goals, and how long you expect to keep the loan.

With a fixed-rate mortgage, the interest rate does not change during the loan term. An adjustable-rate mortgage, or ARM, may begin with a fixed period and then change based on its index, margin, and caps. An ARM can fit some timelines, but you should be comfortable with the maximum possible payment—not only the starting rate.

Both can estimate what a lender may be willing to lend, but lenders use the terms differently and may review different levels of information. Neither is a guaranteed loan offer. Ask what documents, credit review, and underwriting work were completed so you know how much weight the letter carries.

The interest rate is the cost charged for borrowing the principal. APR is a broader annualized measure that includes the interest rate plus certain points, broker fees, and other loan charges. APR can help compare similar loans, but it is not the same as your interest rate or monthly payment.

Closing costs can include lender and third-party fees, prepaid interest, taxes, insurance, and initial escrow deposits. Cash to close also accounts for your down payment, deposits already paid, credits, and other adjustments. Your Loan Estimate provides an early breakdown; your Closing Disclosure provides the final terms and costs before closing.

A balloon payment is a large lump-sum payment due at the end of a loan after smaller regular payments have not fully paid off the balance. It may require a sale, refinance, or substantial cash payment. Because refinancing is never guaranteed, understand the amount, due date, and alternatives before accepting this feature.

Neither choice is automatically better. Renting can offer flexibility and fewer repair responsibilities. Buying may fit when you expect to stay for several years, can comfortably handle the full payment and upkeep, and have enough cash for closing costs and reserves. Compare total monthly costs, moving plans, maintenance, insurance, taxes, and the risk that home values can change—not just rent versus principal and interest.