Locking in favorable terms with a fixed-rate mortgage. As of this writing, interest rates are at their historical rock-bottom. Receiving a fixed-rate mortgage lets you potentially lock in the most affordable terms we’ve seen.
The Money-Saving Secrets of the Home Purchase
If you’re tired of throwing rent toward the landlord, you can keep some of that money by putting it toward the principle of your very own home mortgage. Why bother? Here are some of the money-saving secrets that homeowners can enjoy:
Get pre-approved for a mortgage to do your research first. Ready to shop around? There’s no pressure. Get pre-approved for a mortgage and find out how much home you can afford—these are essential next steps that convince a home seller that you mean business.
Buy the home you can afford. When you know your total monthly liabilities, your income, and your credit rating, you can easily calculate just how much home you can afford. This will help ensure that you buy a house that remains a long-term blessing and not a strain on your budget.
The Stats: What You Need to Know Before You Buy a Home
Homeownership is common. In fact, statistics from 2019 show that the homeownership rate was a staggeringly high 64.8%, which means the majority of people have gotten out of the rent cycle and into their own home.
You don’t need experience. First-time home buyers constitute one-third of all home buyers, which means that you don’t have to feel intimidating by the home buying process, even if it’s your first time. It’s far more common to be going through this process for the first time than you might imagine.
The average length of time is low. Have house fever? You’d be surprised how quickly things can move. The average length of time between someone visiting a potential home for purchase and the closing date was only 73 days, or two and a half months.
Are you interested in finding out if a home purchase makes sense for you? Are you ready to join the ranks of homeowners and lock in potentially low rates?
2 Ways to Use Your FHA 203(k) Loan
Buy a Fixer-Upper (and Fix It Up)
Or... Renovate Your Current Home!
Justin was great and extremely knowledgeable in helping me refi my home. He was always available by phone or email and responded quickly! He was also very patient in educating me with all the questions I had as this was my first refi. Will definitely recommend to friends and family goingÂ forward!- Chriske W.
Justin recently helped us refinance our mortgage. He is very thorough and incredibly responsive (sometimes he’d respond to our emails late at night, which we didn’t expect but it just shows how dedicated he is to his clients). We had a lot of questions for him throughout the process and he was very patient with us. I would highly recommend him to anyone looking for a mortgageÂ lender.- Annie L.
Justin was help me to received a refinance at an incredible interest rate. The work was accurate and the explanation was good. I would like to ask again if there is a chance to buy aÂ house.- Peter L.
Just completed our case. I’m so happy to write this review about Justin. It has been three times for him to help us not only the first buying but also the second and third refinance. Whenever there is something good issues, he calls us and explain about it very friendly. Speaking this case, he did his best under the difficult situation as we are known Covid-19. It is very helpful for us to save money. Please do not hesitate to contact him. Justin is always waiting for your questions and ready to answer! Truly thank you,Â Justin!- Kevin L.
Justin was referred to us by my cousin. She highly recommended him. I contacted Justin after my original loan officer gave us a very unfavorable offer. Justin not only went above and beyond in helping us refinance. He was able to get us a lower interest rate and our payment remained about the same with cash out. I was extremely amazed. I know our situation was quite difficult, but Justin was able to navigate us to achieve what we wanted in our refi. I am very glad Justin was referred to us. I will definitely refer my friends and family in the future to use hisÂ company.- Suzie C.
During this difficult time with Covid-19, I have been lucky to have Justin as my loan agent. I sincerely thank him for his genuine effort at all times. I will definitely contact him again in the future before moving to a largerÂ house.- Gloria L.
I don’t know where to begin to talk about Justin and his awesome work ethic. In this line of business I’ve encountered a lot of people on the lending side and the realtor side, some good some bad, but none as great as Justin. Justin went above and beyond on every step of this loan. From the approval to all the things that went wrong, not due to Justin. He was on the phone making calls and writing emails looking out for my best interest. This was not my first time getting a home loan, this was an investment home loan, so that’s why I’m so thrilled with the work performance he provided. It had been a while since I worked with someone like this, and by far Justin has exceeded even my best experience. So if you’re looking for the best rate at the best cost possible and want someone who is going to break things down for you and answer every call or get back to in 5 minutes, then I recommend you give Justin a call and try him out, I promise you won’t be disappointed. Thank you again Justin. Look forward to working with youÂ again.- Albert L.
Your Renovation Wish List Could Include...
Increase window size
Bring in more natural light
Finish a basement or attic
Create a mother-in-law apartment or guest space
Correct foundational issues
Protect your investment for the long-term
Add a detached garage when one does not exist
There’s room for everyone
Knock down walls
Open up the floor plan to create versatile, welcoming spaces
Flood-proof your property
Add a retaining wall to prevent expensive damage
Repair the pool
Tired of leaks and cracks? Fix the pool & start enjoying it
Expand or refresh the kitchen
Cooking is just more fun in an updated kitchen
Add square footage
Growing your family? Grow your home alongside it!
After remodeling, 74% of owners have a greater desire to be in their home, and 65% have increased enjoyment in their home.
How Does a Renovation Loan Work?
Depending on the types of repairs you plan to do, you have two options when it comes to securing a FHA 203(k) Renovation Loan: Limited and Standard.
The Limited 203(k) loan
The Limited 203(k) loan is for non-structural or “cosmetic” repairs. It covers up to $35,000 in renovation costs. With a Limited loan, you can do nearly anything that doesn’t affect the home’s structure! Think kitchen and bathroom remodels, carpet and flooring replacement, painting, appliance replacement, and much more.
The Standard 203(k) loan
The Standard 203(k) loan is a loan for projects with repair costs over $35,000. It can be used for structural or non-structural repairs. With a Standard Loan, you have even more flexibility. You can expand the home’s footprint, improve accessibility for differently abled people, and even move the home to a different site.
What You Need To Know About A Home Purchase
Why should I buy a home rather than rent?
Everyone’s situation is different. However, in the era of low interest rates, a new home purchase can make financial sense for a lot of people. Locking in these low interest rates can mean paying less for more square feet in some cases. That said, every person’s situation is different, and your motivations for buying a home (including the need for more space or privacy) may differ from other people.
How do I start the home buying process?
One of the best ways to show that you’re serious about buying a home is to get pre-approved for a mortgage. This will give you some leeway when it comes to making offers when you view homes. And in some cases, it’s viewed as a necessity when you go out shopping for homes. In many cases, the process is as simple as finding out what you can afford given your current income, levels of debt, and financial obligations. The good news: it’s a lot simpler than you think!
What kinds of financial commitments do I have to make?
There are a lot of options for financing when you make a home purchase, so don’t feel that you have to commit to any particular one at this point. You’ll find that it’s possible to make a 20% downpayment, for example, but there may be types of financing available that require far less—as low as 3%, depending on your situation.
Why is now a good time to buy a home?
Although every situation is different, low interest rates tend to mean generous financing terms for people taking on a home mortgage. Having a mortgage with low fixed interest rates, for example, can be a powerful hedge against inflation in periods of higher inflation—where in the interest rates are typically higher. But we should reiterate that every situation is different, and you should do what’s best for your situation and your own family.
What is the next step?
Click through our buttons above to find out whether you qualify for great terms on a new home purchase!