Home Mortgage Archives – Page 4 of 4

Concerns To Address When Choosing The Right Mortgage Lender Choosing the right mortgage lender is a crucial decision when you’re considering purchasing a home or refinancing your existing mortgage. With numerous lenders available in the market, it’s important to carefully evaluate your options to ensure you select a lender that suits your needs and financial goals.

Interest Rates and Terms:

One of the primary factors to consider is the interest rate offered by the lender. A lower interest rate can significantly impact your monthly mortgage payments and overall affordability. Compare rates and terms from different lenders to determine the most favorable options for your financial situation.

Lender’s Reputation and Credibility:

When dealing with something as important as a mortgage, it’s crucial to work with a reputable and trustworthy lender. Research the lender’s reputation, read customer reviews, and check if they have any disciplinary actions or complaints lodged against them. Choose a lender with a solid track record, excellent customer service, and a history of fulfilling their commitments.

Loan Programs and Options:

Every borrower has unique financial circumstances, so it’s essential to choose a lender that offers a variety of loan programs and options. Whether you’re a first-time homebuyer, self-employed, or have a less-than-perfect credit score, look for a lender who specializes in providing loans tailored to your specific needs.

Costs and Fees:

Apart from the interest rate, it’s important to consider the various costs and fees associated with the mortgage. Lenders may charge origination fees, closing costs, appraisal fees, and other expenses. Request a Loan Estimate (LE) from each lender, which will provide a breakdown of the costs involved.

Customer Service and Support:

The mortgage process can be complex and time-consuming, so it’s essential to choose a lender who provides excellent customer service and support. A lender who is responsive and communicates clearly can help alleviate stress and ensure a smooth experience.

Prequalification and Preapproval Process:

Before you start house hunting, it’s advisable to get prequalified or preapproved for a mortgage. Evaluate the lender’s prequalification or preapproval process and the time it takes to complete it. A streamlined and efficient process can give you an advantage when making an offer on a property, demonstrating your readiness and seriousness as a buyer.

By evaluating interest rates, lender credibility, loan programs, costs, customer service, and the prequalification process, you can make an informed decision that aligns with your financial goals and preferences. Take the time to compare multiple lenders, gather all necessary information, and seek professional advice if needed. With the right mortgage lender, you can embark on your homeownership journey with confidence.

3 Programs That Allow You To Buy A Home With No Money Down In 2018 Home buyers are typically advised to put at least 20% down for a mortgage. Coming up with that amount can seem almost impossible if you have little to no money left over after paying bills each month.

Fortunately, if you want to buy a house but are worried about coming up with the 20 percent down needed for a downpayment, you still have plenty of options. There are still plenty of programs that allow you to buy a home with a low down payment or even no money down in 2018.

Here are some of the best programs that designed for homebuyers who don’t have a massive chunk of cash to put down at closing. Maybe one of these options will be the perfect solution to make your dreams come true.

#1 VA Home Loans

If you are a veteran, in the National Guard and Reserves or an active-duty service member, then you may qualify for a VA home loan. The VA offers 100 percent financing. So, you don’t need any money down. The VA does not require mortgage insurance. There is a funding fee, which must be paid by the borrower. However, the lender can roll the fee into the loan amount. The funding fee is typically 2.15 percent of the loan amount.

#2 USDA Loans

The U.S.Department of Agriculture (USDA) offers a zero-down mortgage for low to moderate-income families. This program was created to help rural development. The loans are only available in towns that have populations of 10,000 or less. However, this is quite a large area. In fact, the USDA program covers more than 97 percent of the United States. Many eligible smaller towns are located right outside major cities.

The USDA program was designed for first-time home buyers although there are some exceptions to this rule. USDA loans do not require mortgage insurance. There is an upfront guarantee fee of one percent. The lender can roll this fee into the loan amount.

#3 FHA Home Loans

The Federal Housing Administration (FHA) provides one of the most popular low down payment mortgage options in the country. Normally this loan product requires a minimum 3.5% down payment. However, 100 percent of the down payment money can be a financial gift from a relative or a non-profit organization. This allows a borrower to get into their home with no money down.

Contact your trusted mortgage professional to find out about these programs or others that might be right for you.