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#ProductLine=Mortgage|Brand=citizensbank|Region=OH|NAME=Conforming Fixed Rate Mortgage - Purchase|Descr=30 Year Fixed Rate|ProductAttribute=PAYMENT_STREAM_URL#

This payment example assumes no subordinate financing.

Rates listed above are for conforming purchase loans, are effective as of #ProductLine=Mortgage|Brand=citizensbank|BrandAttribute=RATE_UPLOAD_DATE# and subject to change at anytime. Rates include a 0.125 percentage point reduction which requires a Citizens consumer checking account set up at time of loan origination with automatic monthly payment deduction. One offer per property. Not applicable to Bond or CRA loans. Other restrictions may apply.

#ProductLine=Mortgage|Brand=citizensbank|Region=OH|NAME=Conforming Fixed Rate Mortgage - Purchase|Descr=15 Year Fixed Rate|ProductAttribute=PAYMENT_STREAM_URL#

This payment example assumes no subordinate financing.

Rates listed above are for conforming purchase loans, are effective as of #ProductLine=Mortgage|Brand=citizensbank|BrandAttribute=RATE_UPLOAD_DATE# and subject to change at anytime. Rates include a 0.125 percentage point reduction which requires a Citizens consumer checking account set up at time of loan origination with automatic monthly payment deduction. One offer per property. Not applicable to Bond or CRA loans. Other restrictions may apply.

Many experts recommend that your mortgage payment (including home insurance, property taxes, and any mortgage insurance) be 28% or less of your gross monthly income. For example, if your annual household income is $120,000, your gross monthly income would be $10,000. Therefore, you’d want to keep their monthly mortgage payment to $2,800 or less.

Generally speaking, these five factors play a major role in determining whether you qualify for a home loan, how much you can borrow, and at what interest rate:

1. Debt-to-income ratio
2. Credit history and credit score
3. Employment history
4. Savings Down payment

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Fixed-rate mortgages are easy to understand. Your interest rate and monthly payment stay the same throughout the life of your loan. Adjustable-rate mortgages (ARMs) are different.

ARMs have interest rates that adjust over time. Typically, the starting rate remains fixed for a set number of years, such as three, five, or even as much as 10 years. After that fixed period ends, the rate changes periodically, typically on a semi-annual basis. Note: The first scheduled adjustment — after the initial fixed-rate period ends — could increase your monthly mortgage payments.

ARMs can be a popular mortgage choice when interest rates are high. And if you only plan to stay in your home for a few years, they can be an option worth considering as long as you sell your home before the rate changes.

How much should you put down on your new home? The answer can vary depending on the person or people involved. Yes, there are benefits to putting down 20% of a home’s final purchase price, including borrowing less, a lower monthly payment, and no mortgage insurance. However, saving enough to put down, say, $50,000 on a $250,000 home is no easy task. With that in mind, it’s not surprising that the average down payment is just 6% for first-time homebuyers and 14% for repeat buyers.
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We've all heard the rumors and stories about what you should or shouldn’t do when it comes to buying a home. But don’t let these mortgage myths intimidate you. In fact, we’ve debunked the most common ones. Click here to learn more.

Check out our Mortgage Resource Page to help answer your questions about home ownership. Explore your loan options, learn how to get started and access expert help.

We have the tools and educational content you need to be ready to buy a home. Learn key terms, watch helpful videos, and learn about the process from beginning to end. Click here to learn more.