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Home Loans: Where Do I Begin?
So you've finally decided you've had enough of paying rent and want to jump into home ownership. Well you've got your work cut out for you. Plumbing problems are now your responsibility, not your landlord's. A nice, clean yard is also your responsibility, not your landlord's. The air-conditioning goes out in August, who do you call. Not the landlord, you're now responsible. Yep - a lot of work.
But none of that matters if you can't get into the house in the first place. Unless you just won the lottery or your dead Uncle Fred left you a small fortune, you will have to take out a loan to get your dream home. But where do you start. It's more complicated than going to the bank and asking for a loan. There's 100% financing loans for those with no down payment. Government loans for those who qualify. Conventional loans where you, as the buyer has to come up with a substantial down payment. And that's just the beginning. So let's take a quick look at what is out there to help you get started on the most important financial purchase you will ever make.
A conventional loans is the type of home loans most people think of when they think of borrowing money. The conventional loan requires good credit and at least a 3% down payment. That's at least $3,000 down, WITH good credit, on a $100,000 home. And how many of us out there have a completely clean credit report? If you've ever been late on a car payment or a credit card payment, or even if you've been late returning a movie, this may not be the kind of loan for you. Anything can show up on your credit report and keep you from getting a conventional loan. But you have options.
Two of the more popular alternative home loan programs are 100% financing and government loans. One-hundred-percent financing loans are available through the VA, FHA and conventional means. But if you try to get a 100% financing loan through conventional means, your credit report had better be so spotless that it's opaque. Not an option for most people.
The Veteran's Administration and the Federal Housing Authority both offer 100% financing loans - which means you don't have to come up with a down payment. But you will pay a price. Both the VA and the FHA consider 100% financing loans high risk and offset that risk with a higher interest rate.
But that's just the beginning. You have numerous options available to you if you put in the work to really research home loans. In addition to conventional, VA and FHA loans, there is a whole host of other options available depending on where you fall on the perfect-to-lousy sliding credit scale. Following are just a few:
So as you can see, you have your work cut out for you. Don't jump into the first deal you come across. "Research, research, research" should be you motto on this new endeavor. Find out every type of loan that you qualify for and decide which is better for your situation. But remember, you can't wait for the maintenance man to come fix your toilet anymore. Go buy a plunger. The toilet is now your responsibility. After all, it's your house. Good Luck!
Allen Shaw is a successful author who provides tips and information on home loans and refinance loans. "I am the news director at USA News Network and have been working as freelance writer for 2 years. I've been published in a few magazines, newspapers and websites and my specialty up to this point has been movie and music reviews."
MORE RESOURCES updated Fri. August / 07 / 2020
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Wells Fargo tells new clients they need $1 million in balances for certain mortgage refinancings CNBC
Experts offer tips on buying new home, refinancing amid record-low rates WBAL TV Baltimore
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Don't make these mortgage refinancing mistakes | Business | swoknews.com The Lawton Constitution
The Tax Breaks for Homes That Help You Now The Wall Street Journal
What is the cheapest way to borrow money? Fox Business
What Is A No-Closing-Cost Mortgage? Bankrate.com
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New SimpleNexus eClosing feature enables mortgage lenders to conduct speedy and convenient hybrid closings of purchase and refinance loans - Send2Press Newswire
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Mortgage refinance: Everything you need to know Fox Business
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Here's how to pay off your mortgage faster (But should you?) | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Here's how to pay off your mortgage faster (But should you?) | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Is now the best time to refinance your mortgage? Fox Business
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There Has Never Been a Better Time for Co-ops to Refinance Habitat magazine
Figure Names Wall Street Vet Robert Hershy as Head of Capital Markets Effort for Provenance - Business Wire
Figure Names Wall Street Vet Robert Hershy as Head of Capital Markets Effort for Provenance Business Wire
When should you refinance your mortgage? Fox Business
Mortgage refinance applications spike 79% as homeowners rush to take advantage of lower rates - CNBC
Student Loan Refinancing Rates Fall to New Lows Credible News
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears - CNBC
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears CNBC
How does mortgage refinancing work? Bankrate.com
How will these housing trends play out for the rest of 2020? Mortgage Professional America
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway - MONEY
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway MONEY
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world - MarketWatch
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world MarketWatch
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 - Business Insider
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 Business Insider
The impact of the coronavirus on mortgage refinancings Brookings Institution
The basics of no-closing cost mortgage refinancing Fox Business
Weekly mortgage refinance applications spike 15% as interest rates plunge to lowest in nearly 4 years - CNBC
Weekly mortgage refinance applications spike 15% as interest rates plunge to lowest in nearly 4 years CNBC
Successfully Refinancing Your Mortgage Isn’t Just About Getting A Great Interest Rate. Here’s What Else You Need To Look For - Forbes
Successfully Refinancing Your Mortgage Isn’t Just About Getting A Great Interest Rate. Here’s What Else You Need To Look For Forbes