Loan Types

Home Loan Type

When it comes to the game of money and homes we are the best at what we do. We do a couple different types of loans, and there are some we stay away from. Below are the ones that we do for sure offer and a little background on each.

VA Loans – This is a loan program that supplies home financing to help eligible veterans to finance homes with no down payments. There are some requirements that have to be met, but it is an excellent option for those service members that qualify.

FHA Insured Loans – These are mortgage loans backed by the Federal Housing Administration and are a type of federal assistance. They are normally for lower income borrowers so th

First Time Home Buyers – There are programs available for those that fit the bill of a first time home buyer. We help navigate the ins and outs to make sure that you get what you qualify for without too many issues.

Stop in and see us to decide what is the best option for you to take in the home buying process.

at people can purchase a home that is not normally within their price range.

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Ask Before You Leap

Loan

Here are a couple things to keep in mind when the thought of owning a home and applying for a loan come to mind. Let try and keep this as simple as possible.

How much do I really need? Do you know what size house you want? Do you know what that size house goes for in your area? Make sure you do your research first.

Can I actually afford this? If you say you are going to stop eating out, get rid of cable, or not have fun to afford this house – you can’t afford the house. You want to be able to comfortably afford the place.

Do I have a stable career? Are you a person who changes jobs all the time? Do you have a long-term history with your current place of employment? Having a job is important, but having 10 jobs in the last year may go against you.

These are just a few of the many we can discuss at a consultation meeting to help you know if you are on the right track for loan approval!

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Get preapproved for a home loan

Find out how becoming preapproved allows you to house shop with confidence. Before you apply for a loan, a lender can “prequalify” you. This means they estimate how much financing you could

After you’ve filled out a loan application and the lender has analyzed your credit more thoroughly, they can provide you with a “preapproval” — a written letter confirming the price of a home you can purchase. Getting preapproved lets you and others see, in writing, that you qualify for a specific home loan amount. With your preapproval in hand, you’re ready to look for your new home. The lender will consider final approval of the loan later on in the process, after you’ve found the home you want to buy.

Being preapproved:

•     Helps you narrow your search to properties in your price range;

•     Gives you confidence that you may be able to secure a home loan for a specific amount;

•     Reassures home sellers that your offer is serious because your financing is already in place; and

•     Helps speed the process of getting a mortgage loan once you’ve found a home to purchase.

Finding your home

An introduction to the homebuying process.

There are lots of steps involved in buying a home. But understanding the basics of the homebuying process can make it go smoothly. In this lesson, we’ll explain how you can work together with a real estate agent to buy the home you want.

A family outside a home that has a sold sticker over the “for sale” sign.

Before you begin house shopping, there are several steps we suggest you take: attend a class for first-time homebuyers, evaluate what you’re looking for and how much you can pay, and get preapproved for a loan. To learn more, see the lesson Before you shop for a house.

Select a real estate agent

Read how a real estate agent can help you.

A good real estate agent can help you define what you want in a home, search for homes in neighborhoods that meet your needs, and provide you with data on recent home sales in the area. Agents can also help answer questions about properties that interest you, for example, tax rates and building code regulations. When you find a home you want, your agent can help you formulate an offer and act as an intermediary between you and the seller, smoothing the negotiating process.

A real estate agent handing over the keys to a newly bought home.

How to find an agent

•     Look for agent names on For Sale signs in neighborhoods that interest you

•     Ask your mortgage lender for suggestions

•     Visit the websites of local realty companies

•     Ask family, friends, or neighbors for referrals

Interview at least 2-3 agents. Tell them what you’re interested in. Find out if they have experience in the area where you hope to buy. Ask if they can provide additional information about a property or neighborhood, then see how well and how quickly they respond to your request.

Search for a house

Searching for a house can be fun, tiring, and stressful

Once you’ve found a reputable real estate agent, you can begin to look at houses — while this may seem like the fun part, keep in mind it can become stressful. Follow these tips to make the process as enjoyable and beneficial as possible:

Instructions: Click each phrase to learn more about searching for a new house.

Location, location, location

•     Research the areas you’ll be living in, or want to live in. Use local resources, your agent, and the Internet to find up-to-date street maps.

•     If possible, visit several neighborhoods to get a feel of the community. Talk to people in local stores and restaurants.

•     Try to get a feel for the traffic you and your family will experience every day. Is rush hour unbearable, or will your neighborhood consists of two-lane streets with limited traffic?

    Learn more about the different school districts in the area. Pull up school’s report cards from the state’s education website and then visit the schools.

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Information On Home Construction Loans

If you have reached that point in your life wherein you have decided to build yourself a home, then you are sure to be in need of financial assistance for the same. By means of new home construction loans, it will be possible for you to build a new home.
 

Now that you can avail construction loans, you will get sufficient funding if you are planning to build a home for yourself. Included in the cost might be the amount of land upon which you plan to build your brand new home. Loans like these set up a line of credit that is expected to pay sub contractors as well as suppliers as far as the building process is concerned.

Workers will be glad as there will be no need for them to wait till the construction of the house is completed, to receive payment for the services which they provide. A new home construction loan can be set up in monthly stages or into stages where certain portions of the building process need completion. You will need a residential mortgage before you proceed to apply for a construction loan. This has to be presented to the lender you have picked prior to beginning the building process.
Residential Mortgage
 

A stated income construction loan refers to a loan in which funding is given to assist you if you are seriously planning on building yourself a dream home. Loans like these do not require you to furnish any proof of your income. By means of a stated income construction loan, you will neither face trouble when you need to verify your income nor if you decide to not hand over information to the lender. Construction loans like this make either scenario possible.

The interest rate of loans like these is expected to be higher in comparison with other home construction loans as a result of the risk involved with borrowers whose income has not been verified. The down payment for a loan like this is likely to be higher in comparison with that of a traditional construction loan. The advantage associated with not verifying the income is that loans like these are approved much faster in comparison with new home construction loans.

Avail loans like these and you will soon be able to turn your dream of having a house of your own into a reality!

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5 Strategies For Home Loans With Bad Credit Rating

If you have a bad credit rating then it becomes more difficult for you to get approval for a home loan in normal rate of interest. That means, borrowing the desired amount gets more expensive along with less repayment options.

However, these days, there is some provision that makes it possible for people with low credit score to get approval on their loan application. Here are the five strategies that may increase your chances, despite of having a bad credit rating -

    Use security or collateral

You can use assets like your home, property, boat or car as collateral to secure your loan. Most of the lenders are ready to offer loan based on the equity or valuation of the collateral.

    Apply for a loan from credit union
A credit union is also a favourable option for many to seek home loan without much hassles. These organisations derive money from investors or individuals and do not have contact with banks. Therefore, the documentation process is not complicated. However, they follow specific criteria to approve bad credit loans, as they do not aim to lose their money.

    Find a co-signer or guarantor

If you have a guarantor or co-signer who has a good credit rating and constant source of income, it will become easy for you to get a quick approval on a home loan. However, in case you are not able to repay the loan amount as per the terms, than your co-signer will pay the loan amount on your behalf. All it takes is to convince your guarantor that you do not have any intentions to put him or her under this sort of compromising situation.

    Declare your savings present in your saving account

Declaring your savings account serve as an assurance that you have sufficient fund in your account, if in case there will be any shortage of fixed or regular income. There is no need to have a huge amount, as even in small savings, you can prove to a moneylender that you are capable of repaying the loan.

    Try to improve your credit score with the help of a financial advisor

Is there any irrelevant details mentioned in your credit report that is affecting your credit rating? It might be possible that a poor credit rating may be due to delays in paying bills that had already been settled. Thus, it is recommended to consult this matter with a financial advisor who help you to improve credit score with their proven tactics.

Visit Here to Best Informasion Home Loans

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Payday Loans Best Solution to your Financial Crisis

Payday loans are very risky for the borrowers

Payday loans are the short term loans that are repaid on the next payday of the borrower. The process of application is simple and the approval is instant and so it seems to be attractive to those who are in need of urgent monetary needs that cannot wait until the next payday. Since there is no need for collateral to get approved for the loan, the demand is high. Credit record is not considered and this is an added advantage. The only assurance for the lender in payday loan is the paycheck of the borrower.

Payday loans are very risky for the borrowers
The applicants need to produce age proof, employment proof and income proof for getting approved for the payday loans. In spite of the benefits, the offer is not recommended by financial experts. The reasons are many. The major disadvantage is the high interest on the unsecured personal loans needcashinstantly. The rates of interest can go up to 200% for one month. The payday loan providers are specific about getting the transactions done through electronic transfer. Through this mode, the lenders can access the bank account of the payday loan borrower. The purpose of applying for payday loans is to get supported during financial crisis. But unfortunately, the offer only aggravates the crisis.

As the term of the loan is very short, you are made to return the money along with the interest within a month and this is sure to be a burden for you. Since the major portion of your income will be spent on the loan you may be in a position to go for a rollover which is undoubtedly a greater risk. You can opt to pay the dues in installments with high penalty charges and multifold rate of interest. The cost of the loan is high due to high interest rates and higher fees charged for the loan. The hidden fees are very high for payday loans.

In some of the states, payday loans are considered to be illegal as the consumers are much affected by this offer. However, unethical lenders exploit the financial situation of the unfortunate borrowers and lend these loans. If the situation is so grave that the consumers are forced to go for this option, they end up with paying more for the loan than the real worth of the offer. Click here and The modes of collection in payday loans are very scary and the lenders are not concerned about the humiliation that is caused to the borrowers who are already in great stress both mentally and financially.

Some of the lending companies harass the borrowers with wage garnishment or prosecution. There is the security risk involved in the dealings as the social security number and security number of the borrower are submitted while applying for the loan. The consumers are warned by the Consumer Federation of America against payday loans and this warning should be considered seriously to avoid causing damage to credit score and financial status. With extremely high rates of interest, hidden charges and harsh and illegal collection practices, the payday loans can never be the solution for your financial struggle.

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