If one of your goals was to buy a home in 2018, the time to begin your search is now, before the spring rush begins and competition for the best homes heats up.
Start by talking to your mortgage lender to get an idea how much home you can afford. Your mortgage banker can let you know how much you’ll pay monthly and how much you’ll need for a down payment. They can also help you understand all the costs involved with home ownership.
Credit scores. Your mortgage banker can pull your credit and help you look for errors. They can make informed suggestions about the best ways to increase your score if it needs improvement.
Loan Programs. There are a variety of loan options to help you. Veterans may qualify for a VA loan with zero down payment. Buyers purchasing in a rural area may qualify for a USDA loan. Whether the loan you need is conventional, FHA, or jumbo, choose a loan officer who is knowledgeable and listens to your needs to recommend the best option for you.
“Our mortgage bankers are loan experts as well as creative problem solvers,” says A. Wade Douroux, President and CEO of Resource Financial Services. “We can talk to you about available loan programs and down payment resources than can impact how much you need to save. We can also tell you how much cash you need for closing and how to get an estimate of your insurance and taxes.”
Monthly payments. Mortgage bankers can tell you how much you are qualified to borrow, but the important thing is being comfortable with your monthly payment. If you’re renting now, you may find owning a home is easier on your monthly expenses.
Down payments. How big your down payment needs to be will depend on the home price and the loan program you qualify for. Ask your Resource Financial Services mortgage banker about our special loan programs for first-time homebuyers with low down payment requirements and possibly no mortgage insurance.
“There are many down payment assistance programs available that people can use to get into a home with far less cash than they think,” says Jennifer Bowie, Executive Vice President of Resource Financial Services. “We can find solutions that will help you get into the home you want now while also protecting your long-term financial goals.”
Resource Financial Services exists to make people’s dreams of home ownership a reality. The mortgage lender offers experienced mortgage specialists who work hard to educate homebuyers about the wide variety of loan programs that can be tailored to meet individual financial needs. Homebuyers can expect quicker closings, same-day pre-approval, 5-Day Processing and guaranteed lower rates.
We’re excited to help you find your home, find your loan and get cash back. Start searching for the home of your dreams online at rfsmortgage.com. Call toll-free at 877.797.4545 to speak with a mortgage banker.