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Buying a home is one of the single largest investments you will ever make in your lifetime. Whether you are purchasing a home for the first time or a multitude of times, there are many benefits to homeownership that can help you realize the American dream.
There are several options you have when it comes to financing your home. The first step to becoming a homeowner is to understand the many loan options available to you. Below is a summary of just a few of the many options out there, but to understand all available options, you should take the time to speak to one of our licensed loan specialists who can walk you through all of your options.
Fixed Rate – Provides you with a fixed interest rate and payment for the life of the loan. This option is for those who wish to keep their payments regular with no possibility of their mortgage payments increasing over time.
VA Loan – Offers up to 100% financing to eligible American Veterans and is guaranteed by the U.S. Department of Veterans Affairs (VA). The best part about the VA loan is that down payments and mortgage insurance are not required.
FHA Loan – This loan is backed by the Federal Housing Administration (FHA) and gives you the ability to buy a home with lower down payment and credit score requirements.
Adjustable Rate Mortgage – This type of loan has an interest rate that can change over time. Usually there is a period of time where the rate is fixed and lower than traditional fixed rate loans. This option is usually for those who know they will sell or refinance the home prior to the fixed period ending, resulting in significant interest savings.
Jumbo Loan – This loan exceeds the conforming loan limits set by Fannie Mae and Freddie Mac. A Jumbo Loan is any amount greater than $424,100 in most areas and $636,150 in some high-cost areas.
Reverse Mortgage – A loan designed for homeowners who are 62 years or older, this type of loan eliminates your mortgage payment while also allowing you to tap into a portion of the equity in your home and convert it to cash.
Interest-Only Loan – This type of loan requires only interest payments for a set period of time and usually converts into a principal and interest payment during the term of the loan. This type of loan is more often used by savvy homeowners who understand the advantages and disadvantages that come with interest only loans.
As mentioned previously, buying a home is one of the largest financial transactions you will make in your lifetime. In order to set you up for success, we’ve provided some preparation tools you can use to begin lining up your finances for the new home purchase.
Our Affordability Calculator helps you determine the purchase price you can afford based on your monthly income, monthly debts, the total amount of the down payment, estimated interest rate, and the anticipated loan term. Once you understand how much of a house you can afford, the next step of the home-buying process would be to get pre-approved.
Our Mortgage Calculator can help you estimate your monthly mortgage payment. SImply plug in your home price, down payment, estimated interest rate, and loan term and our calculator will show you the monthly payment you can expect to pay.
If you're unfamiliar with mortgages, we have resources like our Mortgage Glossary that can help educate you on the specific terms and jargon used during the home buying process.
Our licensed Loan Officers are ready to help you throughout your home-buying journey and can walk you through any steps along the way. We have a wide array of purchase options and our expert staff is prepared to find the best loan product for your unique situation.