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Finding the Right Mortgage Loan | The Neighborhood Minute August 2023

08/21/2023 - Neighborhood Minute, Smart Home Buying & Ownership

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The WesBanco Neighborhood Minute

The Neighborhood Minute: Mortgage Options & Down Payment Advice

August 31, 2023

Will Mortgage Rates Go Down?

According to experts, mortgage rates may drop slightly as inflation cools, but don’t expect a return to the 5% range anytime soon. However, the market remains competitive. If you’re looking to buy a new home, we’re breaking down your mortgage rate options, tips for saving for a down payment and how to find the right mortgage loan.

The Latest Housing Market Trend Report

Know Your Options When It Comes to Mortgage Rates

  • Understand the difference between an interest rate and APR; the APR is the total cost of borrowing money and includes the interest rate plus any fees.
  • When comparing mortgage loans, compare both the APR and interest rate to secure the best loan for you.
  • Consider “buying down your rate” by purchasing mortgage points upfront to reduce the overall interest rate on your loan.

Saving for a Down Payment & Finding the Right Mortgage Loan

  • Set your homebuying budget and determine the percentage of cash you can put down.
  • Putting 20% down will help you avoid private mortgage insurance (PMI) but isn’t required to secure a home loan.
  • Consider a short-term investment strategy or high-yield savings account to grow your down payment funds faster.
  • When shopping for a mortgage loan or refinancing, always compare the terms, interest rates, APRs and fees with your budget.
  • Always lock in your mortgage rate after you’ve decided on a loan so you know it won’t increase before you close.


H2: 2¢ Worth of Wisdom
Q: How does purchasing mortgage points work?
A: “Mortgage points are the fees a borrower pays their lender to cut the interest rate on a loan. Each point a borrower buys costs 1% of the mortgage amount. Essentially, you’re prepaying interest on the loan to lower your monthly payment overall. Purchasing mortgage points has the biggest benefit for people planning to stay in their new home for a long period of time.”—Ed Hensley, Executive Vice President and Manager, Residential Lending

Find a Loan Officer

Tools, Tips and Advice

Making a Down Payment on a House

Browse tips for funding your down payment.

Housing Budget Breakdown: How Much to Spend?

Watch this quick video with two key rules to consider before you start the mortgage process.

What Is PMI?

Find everything you need to navigate private mortgage insurance.



*All information cited can be found on

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