Buying your first home is an exciting milestone—but it can also feel overwhelming. That’s why understanding how mortgages work and partnering with the right lender—like Drake Bank—can make the process much smoother and more empowering.
This blog breaks down what you need to know about mortgages, when you should start looking, and how Drake Bank’s mortgage team and programs can support you every step of the way.
What Is a Mortgage, and Why Do You Need One?
A mortgage is a loan from a bank or lender that helps you buy a home. Most people don’t have the full amount to pay for a home upfront, so they borrow money and repay it over time—typically 15 to 30 years—with interest.
Benefits of a Mortgage:
- Build equity over time (your ownership in the home grows as you pay it off).
- Stabilize your housing costs with predictable monthly payments (especially with a fixed-rate loan).
- Potential tax deductions on mortgage interest and property taxes.
- Invest in your future instead of renting.
Is Now a Good Time to Buy a Home?
While interest rates fluctuate, buying sooner can offer long-term benefits:
- Spring and summer tend to bring more homes to the market.
- Locking in a fixed-rate mortgage now can help you avoid rising rent and inflation.
- You may be eligible for special assistance programs as a first-time homebuyer.
Tip: It’s important to get pre-qualified before shopping so you know what you can afford.
Explore Your Options
Whether you’re just starting to explore or ready to buy, our goal is to make the home-buying process simple and tailored to your needs.
- First-Time Homebuyer Loans
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- Lower down payments
- More flexible credit requirements
- Educational support so you understand every step
- FHA, VA & Conventional Loans
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- FHA: Low down payment and easier qualification
- VA: No down payment required for eligible veterans
- Conventional: Great for strong credit buyers
- Construction & Jumbo Loans
- Do you need a large loan, or are you planning to build? Drake Bank offers specialized options for that as well.
- Refinancing Options
- If you already own a home, Drake Bank can help you lower your rate or take cash out for big expenses.
Meet Your Mortgage Experts
Buying your first home is easier when you have experienced people helping you:
Stephanie Scarrella: A trusted Mortgage Lender with over 25 years of experience guiding first-time buyers.
Teresa Pignato: A detail-oriented loan processor who helps ensure your paperwork is accurate and on time.
Our team is here to help you succeed with understanding your options.
Visit our mortgage page to learn more or get pre-qualified.
