There’s a lot of stake with any kind of real estate transaction. That’s true whether you’re an Investor purchasing income properties or a 1st-time home buyer looking for a place to raise your family. For many, buying a home may be one of your biggest assets, so it’s crucial to be as informed as possible about the different home loan programs.
Although the 30-year fixed mortgage tends to be the most popular option for many home buyers, it’s not the only type of home loan. There are FHA mortgages, VA mortgages and several other mortgage options. In some cases, even a 15-year mortgage makes the most financial sense. What about an adjustable-rate mortgage . . . is that something you should consider? Wading through all of the options can be very confusing, so it’s smart to become as familiar as you can about the different home loan programs before you start looking for a home in earnest.
Here’s a brief overview of some of the home loan programs that may be available to you.
The government’s Home Affordable Refinance Program (HARP) has been expanded to help more homeowners qualify for refinancing their mortgage. Even those with little or no equity available may take advantage of low interest rates, and other refinancing benefits.
Even if you were turned down for a HARP loan before, call your AFN loan officer now to check if you qualify under the updated requirements that allow refinancing even if you are “underwater” or owe more on your mortgage than your home¹s current value.
We hope you find our website a useful resource for the financial side of Buying real estate, but before you start looking for homes in the Inland Empire area, you should start the process of lining up the right financing. This allows you to start shopping for a home with the knowledge that you’ll be able to purchase what you find. The financial aspects of purchasing a home can be very complicated, but our team will walk you through each step and make sure that you understand everything that is happening. By being an informed buyer, you will be able to make the best financial decisions for you and your family.
Please give us a call or text so we can answer your home financing questions. Or you can fill out the Contact Form for a more immediate response.