First time homebuyer? You’ve come to the right place!
Looking at real estate fliers and touring homes is easy. Applying for a home loan and figuring out how to pay for a house – well, that can get complicated. Let us guide you through understanding a home loan.
Buying a house is one of the largest investments most people make. Home loan programs are available to those who need to borrow the money and buy a house (which is almost everyone.) The money borrowed and the payment due each month is called a mortgage.
You have choices when it comes to a home loan. Some buyers have more choices than others depending on how much money you make, where the home is located, how much money you have to spend right away and your credit score. There are many options when it comes to home loans and several programs available. Some of them include:
The best step to determine the right home loan program for you is to call MBI Mortgages and speak with one of our loan partners. MBI Mortgages can explain the difference in each program and help you decide which one is best for you.
There are many “numbers” involved in a home loan process. When you apply for a loan, you will have a unique set of figures for you. Here are some numbers that will be figured up into your home loan:
There is no application fee to get pre-qualified and apply for a home loan. But there are some fees involved when you borrow money to buy a house. Most closing costs will and can be paid at settlement but some costs (credit report and appraisal) will need to be paid throughout the loan process.
Although home loans do not come free, the government lets you write-off what you pay in interest on your Federal income tax return. Also, if you pay mortgage insurance (MI), you may be also write-off this amount.
These are the basics of understanding home loans. If you want to buy a house but haven’t found one yet, go ahead and pre-apply for a home loan now.
If you’ve already found a house and made an offer, we can still help you. Fill out our online application form for a home loan. Our team will be in touch ASAP to collect information about the house you want to buy and get the ball rolling on your financing.