Loan application and money in front of a homeHouse prices vary by location, but many Americans continue to encounter many roadblocks to home ownership. Affordability is a major concern, and gaining a foothold in an attractive market like Florida remain fantasy because of the lack thereof.

The solution: A pocket-friendly home loan. With creativity and perseverance, you can find an affordable one to buy your dream property in the Sunshine State. For starters, any reliable mortgage company in Fort Myers would recommend these tips:

Look for the Lowest APR

The usual mistake of many borrowers is focusing solely on the interest rate. It can give you a clear idea of how much profit your prospective lender wants to gain, but it doesn’t paint the whole picture. The annual percentage rate (APR), on the other hand, does. The APR shows your true cost monthly mortgage payments by adding all applicable fees to the mix. The lower the APR, the more affordable the loan actually is.

However, APRs can be deceiving. At times, they’re lower than the advertised interest rates, which happen when adjustable-rate mortgages (ARMs) are in question. Considering the nature of ARMs, they could increase over time due to market conditions.

Search for the Longest Term

The shorter the term, the fewer months you’d have to pay everything back. Although a 15-year fixed mortgage involves less interest than its 30-year fixed counterpart does, the former’s monthly payment could go over your budget. It’s up to you to make a judgment call to determine which one makes more sense to your situation down the road.

Borrow the Smallest Amount

Don’t want to pay for your mortgage as much as possible? Loan a small amount of money. It could drive everything down, from your interest obligations to monthly payments. But then again, this could mean that you need to put more money down. Without excessive savings, this can be a problem.

Fortunately, you can explore different sources to come up with a large down payment. You can use gifts from friends and relatives, take advantage of grant programs, and borrow from 401k, among other ways. This way, you could afford a bigger home without taking out a huge mortgage.

Greater affordability doesn’t always translate to more savings, but you should do what you have to do to finally have a property under your name. A mortgage application is a serious undertaking, and you need to be wise with your choice to get the most favorable deal available.