Ashley Cox

Down payment: Putting down at least 20% can help you avoid private mortgage insurance . And because the lender is taking on less risk, you’ll likely get a break on the interest rate.
Loan size: Getting a particularly big mortgage might mean paying a higher interest rate. If possible, look for homes that are cheaper or increase your down payment so the loan size shrinks.
Loan term: Generally, shorter loan terms have lower interest rates because the lender is extending risk for a shorter period of time. Compare interest rates and monthly payment amounts on different loan terms —such as 15, 20, and 30 years— to see what you can afford.
Debt-to-income ratio: Your DTI ratio compares how much of your monthly income goes toward paying debt. A lower DTI ratio — around 43% or less — may help you qualify for a low mortgage rate.

4+ years in personal finance.
Mortgage, loan and credit card expert.

Bio and experience

Ashley Cox is in North Carolina freelance writer who has more four years of experience covering personal finance. She's an expert on credit cards, mortgages, and student loans.

Her professional career includes a Gainesville, Georgia reporter for The Times and Jacobs Media, an insurance specialist at Northeast Georgia Medical Center, a copy editor at Credit Karma, and a senior editor at Credible. Ashley is currently a senior managing editor at Insurify.

Education

Ashley has a degree in journalism and mass communication from Samford University.