Mortgage Services Available
Find out more about the various mortgage services offered for different home buying scenarios.
Home Buying
Conventional Loans
Conventional loans are the most popular type of home financing. A conventional loan is a type of loan that is not backed by the government. Rather, private lenders provide the funds for this type of loan. The insurance is typically paid by the borrower. Conventional loan rates and down payment requirements vary depending on the lender. Because there are so many different lenders offering conventional loans, they offer a lot of flexibility but may be harder to qualify for than government loans.
Government Loans
Government loans are backed by various government departments, and usually only certain people can qualify for them. This means that if you cannot pay your mortgage, the government agrees to pay it for you. For example, VA loans are backed by the Veterans Affairs department of the government and are only available to individuals (or their relatives, in some cases) who have served in a department of the US military. They typically have very low or no down payment requirements and the credit score requirements are much more relaxed than conventional loans.
FHA LOANS
FHA loans are backed by the Federal Housing Administration and designed for first time home buyers. They allow people to put down low down payments (about 3.5%) and the credit score requirements are lower than conventional loans. These types of loans can be attractive to first time home buyers who are just starting off their financial journey and what to buy a home.
USDA LOANS
USDA loans are backed by the United States Department of Agriculture and can be a good option for potential homeowners who have narrowed down their search to a specific area. USDA loans are only available in designated areas, typically rural or suburban environments. If this is appealing to you and you are interested in buying a home with no down payment, a USDA loan could be a good option for you.
The Takeaway
Government loans are backed by various government departments, and usually only certain people can qualify for them. This means that if you cannot pay your mortgage, the government agrees to pay it for you. For example, VA loans are backed by the Veterans Affairs department of the government and are only available to individuals (or their relatives, in some cases) who have served in a department of the US military. They typically have very low or no down payment requirements and the credit score requirements are much more relaxed than conventional loans.
Contact Me to learn more about the best fit for your home buying situation.
Home Refinancing
Congratulations! If you already own a home, consider refinancing your existing mortgage to save more money over the course of your homeownership. Refinancing is when you trade your existing mortgage for one that has a better interest rate. When you do this, the payback time is also reset. With conventional home refinancing, this can be a fixed 15 or 30 year payback term.
You can also refinance your existing home loan with fixed or variable interest rates, depending on what the best situation is for your personal financial goals.
Furthermore, one big advantage of home refinancing is that you are able to take equity out of your home. For example, if you’ve been paying your mortgage steadily for five years, your home has built up some equity. This, combined with rising home prices, means that when you refinance you can take some of the equity your home has gained out as real cash for your bank account.
Why People Refinance
- Get the lowest possible mortgage interest rate
- Reduce the payback terms on their mortgage
- Change from variable interest rate to fixed interest rate
- Access the home’s equity that has been building up
Contact Me to learn more about the best fit for your home refinancing situation.
Investment Strategies
If you’re a seasoned homebuyer and are considering investment properties to add to your portfolio, you want to get the best rates possible! Investors are in a unique citation as real estate property buyers because there are certain limitations to what loans they can qualify for. When you work with me, you can rest assured that you will be guided through this entire process.
If it’s your first time buying an investment property, there are things that you need to know about how this process will be different than buying a home designed to be your primary residence. We will work together to get you the lowest mortgage rate for your investment property. It is important to note that for investment properties, lenders typically require a larger down payment than ones for primary residences and the mortgage rate may be higher. That’s why it’s important to work with an experienced professional who specializes in investment strategies for homebuyers in order to get the best deal.
Contact Me to learn more about the best fit for your home investing situation.
