01 Aug Navigate Through Financing Options
Call on a Mortgage Specialist to Help You
Purchasing a house is a huge decision, one that many call the biggest monetary choice in an individual’s life. There are so many twists and turns in the path to home ownership for today’s buyers that it is easy to lose the way. These are not the old, simpler days when George Bailey, heading up the Bailey Bros. Building and Loan, could lend you the funds to build a cute little cottage in Bedford Falls, and thereafter live a wonderful life.
In the modern labyrinth of home financing, a reliable guide is essential for home buyers—and not only first-timers but for veteran home owners as well—to take the right turn and find their best financing options. An expert, forward-thinking finance company can offer buyers multiple alternatives, making it easier to make the best choice.
A reputable and trustworthy finance or mortgage specialist will give would-be home buyers information about the many purchasing choices they have, starting with a Purchase Overview that features articles and answers to some frequently asked questions. This introduction, if thorough, should also list the various financing programs, with links to each one.
Descriptions of Common Purchasing Programs
Here are some explanations and definitions of popular financing plans that a reliable finance or mortgage company will supply.
- Conventional purchase—Includes an explanation of the advantages of both fixed rate and adjustable rate loans.
- FHA purchase—Describes advantages of this type of purchase program and specific benefits of both fixed and adjustable rates for loans.
- VA purchase—Details on this fixed rate loan program for active military men and women, veterans and surviving spouses.
Information About Less Well-Known Financing Options
A solid finance or mortgage specialist will also give potential home buyers information about less common financing choices.
- Jumbo purchase—As the name implies, this is a big loan that is over $510,400 and up to $3 million. A certified mortgage planner can help you choose between the fixed and adjustable rate options.
- Rural housing—A government-subsidized loan for low- to moderate-income families who live in selected rural areas.
Other not-so-common options include:
- Utah housing
- Home path
- Your Term Mortgage
When you are considering buying a home, there are so many more decisions to make than whether you like the kitchen layout or the bathroom fixtures. An experienced mortgage specialist can guide you through the maze of financing choices so that you will make the best choice for you and your family.