Purchasing A Home
How do I get a home loan?
Getting a home loan can seem overwhelming, but it can be broken down into several manageable steps. Here's what you need to do to get a home loan: determine your budget, check your credit score, gather your documents, submit your application, get pre-approved, choose your loan type, and close the loan! Remember, the home loan process can be complicated and time-consuming, but working with a reputable lender can help make the process smoother. Be prepared, ask questions, and make sure you understand the terms of your loan before signing on the dotted line.
Frequently Asked Questions:
What are the benefits of a conventional loan?
There are several benefits of purchasing a home. The first of which is gaining equity and appreciation. This is when you buy a home, you're investing in an asset that typically appreciates in value over time. This means that as the value of your home increases, so does your equity.
Another big benefit is the stability. Owning a home gives you more stability and control over your living situation. You don't have to worry about a landlord raising your rent or deciding not to renew your lease.
Purchasing a home also comes with tax benefits. This includes deductions for mortgage interest and property taxes. These deductions can reduce your overall tax liability and increase your disposable income.
A popular reason for purchasing is having the long-term investment that buying a home is. This provides financial security and stability for you and your family. It can also be a legacy to pass down to future generations.
What is the loan process?
Here's how our home loan process works:
- Complete our Mortgage Qualifier
- Receive personalized loan option
- Compare mortgage interest rates and terms
- Select the offer tailored to your needs!
What are the key features?
- Fixed Rates
- Adjustable Rates (ARM)
- 3% Down Payments
- Conforming Loans
- Jumbo & Super Jumbo Loans
- Terms from 5 to 30 Years
Do I qualify?
To qualify for a mortgage, lenders typically require that you have a debt-to-income ratio of “43/49.” This means that no more than 43% of your total monthly income (from all sources, before taxes) can go toward your new mortgage payment, and no more than 49.99% of your monthly income can go toward your total monthly debt (including your mortgage payment). VA and FHA loans even allow for higher debt ratios on a case by case basis.
What is the minimum credit score needed to buy a home?
Your credit score is a critical factor that lenders use to determine your eligibility for a home loan. You can get preapproved with a score as low as 500.
What documents are needed to purchase a home?
Your loan officer will require documentation such as tax returns, W-2 forms, pay stubs, and bank statements. Have these ready to provide to your LO.
What types of home loans are there?
There are many types of home loans, including conventional, FHA, VA, and USDA loans. Your Loan Officer will help you choose the type of loan that best fits your needs and financial situation.