Explore Your Options

Understanding Common Mortgage Options

Different loan programs are designed around different goals, financial situations, and property types. Understanding the basics can help you start a more informed conversation with a qualified lender.

01

Conventional

A widely used mortgage option that can work for primary residences, second homes, and investment properties, depending on lender requirements and borrower qualifications.

02

FHA

Government-backed financing that may offer more flexible qualification and down-payment requirements for eligible buyers purchasing a primary residence.

03

VA

A loan program available to qualifying veterans, active-duty service members, and certain surviving spouses, with benefits that may include competitive financing terms.

04

Jumbo

Financing designed for loan amounts above standard conforming limits and often relevant to higher-value properties throughout the Greater Palm Springs market.

Your Monthly Payment

More Than Just the Loan Amount

Your mortgage payment can include several different costs. Looking at the complete picture can help you create a more realistic home-buying budget.

Purchase

Home Price

The purchase price helps establish the starting point for your financing needs and potential loan amount.

Upfront

Down Payment

Your down payment affects how much you finance and can influence mortgage insurance and available loan programs.

Financing

Interest Rate

Your interest rate has a major impact on monthly principal and interest payments over the life of the mortgage.

Local Costs

Property Taxes

Property taxes vary by location and property and may be included as part of your monthly mortgage payment.

Protection

Home Insurance

Homeowners insurance is generally required by lenders and should be considered when estimating monthly costs.

Community

HOA Fees

Many desert communities and country clubs have association fees that should be factored into your overall housing budget.

Before You Start Shopping

A Simple Path Toward Mortgage Pre-Approval

A mortgage pre-approval can help clarify your purchasing power before you begin seriously looking at homes and can help you prepare for the offer process.

1

Review Your Finances

Take a look at your income, savings, monthly obligations, credit profile, and the amount you may want to use toward a purchase.

2

Speak With a Lender

A qualified mortgage professional can review your information and explain which loan options may be appropriate for your situation.

3

Define Your Budget

Understanding an estimated loan amount and monthly payment can help establish a comfortable target range for your home search.

4

Start Your Search

With financing preparation underway, you can approach the home search with a clearer understanding of your options and priorities.

Ready to Explore Greater Palm Springs?

We can help you understand how financing fits into your home search and connect you with trusted mortgage professionals when you're ready.

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