Posted by Ben Wills in Home Buying

Purchasing a new home is a major financial decision and responsibility. Homeownership is an important milestone for many adults, and with the start of the new home buying process comes the obvious question, “How do I pay for this?”

Mortgage rates can be confusing and tricky to navigate, especially for first-time homebuyers. We sat down with M/I Financial’s Loan Officer, Felix Herrera, to dive deep into the ins and outs of mortgages.

We'll be answering these frequently asked questions and more about mortgage rates:

  • How do I apply for a mortgage?
  • What are mortgage rates, and how do those affect me?
  • What kind of mortgage rate do I even need?
Homebuyers Meeting With Loan Officer

What Is a Good Mortgage Rate?

The short answer for this is on that is in line with the national average. To some people, this may not be adequate, so they may choose to pay discount points in order to get rates better than the national average.

Can You Explain the Basics of Mortgages and Mortgage Rates?

Mortgages and rates are determined heavily by credit history, capacity (as in affordability), down payment, and the intended use for the home that will be mortgaged.

How Should Buyers Compare Mortgage Rates?

Mortgage rates are determined by many different factors associated with each individual loan; however, a great source to compare rate offerings is Freddie Mac Primary Mortgage Market Survey online at

What Should Buyers Be Prepared for When Applying for a Loan, Practically and Emotionally?

We dive very heavily into the most recent 2 years of the borrower’s history. Luckily most documentation is now available digitally, so although it might sound overwhelming, the process itself has become much easier.

Buyers working with M/I Financial will have a dedicated team of highly experienced financial experts who truly care about the buyer and the loan, so we make it much easier to navigate the various steps of the home financing process.

Customers can truly depend on our help for any questions they might have the entire time.

What Is the Biggest Mistake You See When Homebuyers Apply for a Mortgage?

A misconception is that once the mortgage loan is approved, the process is just about done; however, buyers should be vigilant about any changes in credit, income, or assets, as these types of changes prior to closing may add stress to the process.

How Should Homebuyers Prepare for Mortgage Rate Changes?

Mortgage rates continue to hit historical lows; my best advice is don't sit on the sideline. With low rates, affordability and homeownership are more attainable than ever!

Home Exterior

What Is the Value in Getting Pre-Approved or Pre-Qualified for a Mortgage?

The biggest value is in that you know what your purchasing power is and that your loan is likely to get approved in the end, as long as the pre-qualification is done correctly.

Surprises are great, but not with a home mortgage. Taking these important first steps sets the whole home buying process off the right way, making each step easier from there.

How Is the Mortgage Process Different for a New Home vs. an Older Home?

When buying a new M/I Home and financing with M/I Financial the process is much smoother than most expect. With a new M/I Home there are also substantial savings with closing cost assistance.

Mortgages and mortgage rates can feel like an intimidating process to embark on, and it’s definitely not the most glamorous or exciting part of buying a new home. However, by learning more about mortgage rates, you’ll feel more confident discussing rates and details with your broker, ensuring you make a smart financial decision.

M/I Financial has years of experience and knowledge to help you through the mortgage process. Our expert team is dedicated to helping you discover the best financial fit for your family. Ask us your questions about financing a new home!


Ben Wills
Ben Wills


​Ben Wills is the Mortgage Branch Training Officer for M/I Financial, LLC. Ben has been in the mortgage field for over 40 years and has assisted thousands of homeowners in financing new home construction.

What Is a Tray Ceiling?

What Is a Tray Ceiling?

Home Design

Buying a New Construction Home: Do You Need a Real Estate Agent?

Buying a New Construction Home: Do You Need a Real Estate Agent?

Home Buying