Editor

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 a freelance writer in North Carolina with 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, and a copy editor at Credit Karma. Ashley is currently a senior managing editor at Insurify.

Education

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