Hi everyone. I'm in NY and looking to purchase homes (haven't decided which) for around $400-500k. I have the full 20% down payment so I don't have to worry about PMI. My credit score is around 800. Ideally, I would rather get a 15 year mortgage (lower interest rate), but financially speaking, a 30 year would be easier to handle. I can always refinance to a lower rate in the future.
I don't know much, if anything about mortgage and how they work. I do know not to only focus on the lowest interest rate as the lender could have higher up front fees.
I'm a teacher so I don't qualify for a VA loan. My questions are the following. Where are the best places for me to shop around? Banks, quicken loans, lending tree, or government backed loans such as an FHA loan?
Are mortgage points worth it just to get a lower interest rate? I heard that if I refinance later on, I'll end up paying more interest. Not sure why.
Not sure if there's anything else I should be looking into. Thanks in advance.
Sent from my iPhone using Tapatalk