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Understanding Your Mortgage Options With Ole South

September 22, 2025

Buying your first home is an exciting milestone, but it often comes with lots of questions, especially when it comes to mortgages. At Ole South, we want to make the path to homeownership as clear and stress-free as possible. Here’s a foundational look at what first-time buyers should know about mortgages, down payments, and long-term costs.

A mortgage is simply a loan you take out to buy a home. Instead of paying the full price upfront, you borrow money from a lender and repay it over time, typically in monthly installments. 

Each payment is made up of principal (the amount you borrowed) and interest (the cost of borrowing). Depending on your loan type, you may also have property taxes and homeowner’s insurance included in your monthly payment.

Understanding which type of mortgage fits your financial situation is key to setting yourself up for success. There are several mortgage options available, each designed for different buyer needs:

The down payment is the amount of money you put toward your home up front. This concept is similar to how you can put a down payment on a car before purchasing or financing the car. 

While 20% is the traditional benchmark, many first-time buyers qualify for loans that require as little as 3% down or even zero in certain cases. 

Remember: a higher down payment lowers your monthly mortgage bill and reduces the amount of interest you’ll pay over time.

Owning a home means thinking beyond just the purchase price. Long-term costs to consider include:

Budgeting for these expenses gives you a holistic idea of the true amount you’ll need to pay.

Homeownership is one of the most rewarding investments you can make, and understanding your mortgage options is the first step toward making it happen. At Ole South, we’re here to walk you through the process and connect you with trusted lending partners who can help you find the right fit.

Ready to become a homeowner? Contact Ole South today to tour our available homes and learn more about mortgage options that fit your needs.