Finance Options When Buying a Home

It's a great time to be  looking for a new home.  With that, comes all the financial decisions.  Do you have cash or will you be looking for a mortgage loan?

There are many options for residential loans.  Some of these options include:

Conventional

FHA

VA

USDA-RD

State Housing Programs

Jumbo

Renovation Programs

New Construction End Loans for Permanent Financing

Reverse Mortgages

Are you looking for a fixed rate or interest-only loan?  There are also adjustable rates and hybrid arms.

You may be looking for a 1-4 family property, a single-family home or a second home.  You could also be an investor looking to flip a home.

All these options may be confusing but the best first step is to speak with a mortgage lender and discuss your options.  Before you start looking at homes you are interested in, it's important to meet with a mortgage specialist.  They can explain the different types of loans you may qualify for.  They will also look at your financial situation and talk to you about the price range you may want to be looking at and can provide you with a pre-approval when you find a house that fits your needs and budget.

Once you know your price range, your real estate agent can show you homes that fit your criteria and budget.  It is critical to talk to your lender first since a pre-approval is needed when you are ready to make an offer on a house.  If you are unsure which lender to start with, talk to your agent.  They can make suggestions on local banks and mortgage companies.  Your loan officer and your agent will be with you every step of the way to help the transaction proceed smoothly and keep you informed at every step.

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