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Tell us about your homebuying goals and provide some basic personal info, and we’ll get you on the right track.
There are several types of home loans out there. We’ll help you select the best option for your situation.
You know what you need, and we’ve gotten to know you. Now it’s time to submit your full loan application.
Your credit score is important when you’re applying for any type of loan, especially a mortgage. It doesn’t need to be a perfect score, but we do need to assess where you stand to get you approved.
Once your loan is approved, the wheels are in motion and we’ll help you complete your purchase as soon as possible.
A conventional loan is the most common type of mortgage. Purchase your home with as little as 3% down and qualify for lower interest rates with a good credit score.
VA loans are guaranteed by the U.S. government, so they don’t require mortgage insurance, and in some cases, may not even require a down payment. You can take out a VA loan to fund a new home purchase or to refinance for lower monthly payments, or even to take cash out so you can cover large expenses like home remodeling.
FHA loans are another type of government-backed loan. These are insured by the Federal Housing Administration and were originally designed to help first-time home buyers, although the requirements to qualify have broadened. An FHA loan can help you purchase a home with a lower credit score and a down payment as low as 3.5%.
USDA loans are insured by the U.S. Department of Agriculture. They are designed for low-to-moderate income families seeking single family homes in rural and edge of suburbia areas. A USDA loan may allow you to purchase a home with no money down, depending on your income.
Ready to purchase a vacation property? Second home mortgages allow you to purchase properties you’ll only live in part-time. They typically require a down payment of at least 10% but otherwise look a lot like conventional loans.
The lending requirements for investment properties are a little more stringent. If you’re purchasing a residence that you intend to rent out, you’ll need a more substantial down payment than you might with other loans, generally 15-20% of the purchase cost.
An adjustable rate mortgage, or ARM, may be a great option if you’re purchasing a starter home before moving into your forever home. These types of loans have a period of fixed interest (typically 5-10 years) after which time the interest rate of your loan will fluctuate based on market interest rates. The introductory rate for the initial period is generally lower than market rates.
Say you’re building a new home or gutting an existing home for full renovations. In this situation, a construction loan can fund the home during the construction period, after which time you’ll need to convert to a traditional mortgage to pay for the completed home.
You will need to gather some paperwork to apply for your loan. Fortunately, everything can be submitted electronically. Here’s what you’ll want to get prepared for your application: