Home Loans That Are Right For You
Buying a home is one of the biggest and most exciting decisions you’ll ever make. After all, once you’ve signed your loan documents, you’re in it for the long haul with a mortgage payment for 15, 20, or even 30 years. To find the right mortgage loan, you need a trusted advisor that not only helps you find today’s best interest rate but also matches you with the right mortgage loan financing options from some of the best lenders – you need MortgageAdvisor.com.
At MortgageAdvisor.com, we work with a large network of lenders that offer a range of financing options to meet your needs – from first time home buyer taking advantage of an FHA loan, to current military or veteran getting pre-approved for a VA loan. Our smart mortgage match engine, online tools, and team of dedicated professionals will help you understand everything you need to know about your home financing options. We then work to present you with the most compatible and competitive loan offers that are matched just right for you.
We’ll do the legwork so you can feel informed and confident as you make the right home buying decisions. Take advantage of our mortgage match engine today and find a mortgage lender who can help you get pre-qualified for a home loan.
What is a Mortgage Loan?
A mortgage loan, or home loan, is a legally-binding agreement in which a mortgage lender advances money to a borrower to purchase real estate. In exchange, the borrower is required to pay interest on the amount borrowed.
All set to buy a house?
Whether you need a first-time home buyer loan or you’re in the market for a second investment property, we have a lending match for you. Understanding what impacts your home financing ability and how to match that with the best mortgage loan options is what we do best.
If you’re ready to buy a house, you’ll want to find out how much of a home loan you can get pre-qualified for before you start talking to lenders or buyers. Talk with a Mortgage Advisor to see how much you can get pre-qualified for.
Thinking about buying an investment property? Buying an investment property is a great decision if you have the funds. There are many loan options for investors and our Mortgage Advisors will make sure you get the right one. See how much you can spend on an investment property.
How much of a Home Loan can I afford?
When it comes to buying homes, this is one of the first questions you and any interested home buyer should answer. Knowing how much you can afford is quick and easy with our Home Affordability Calculator. Once you know the answer, you’ll be one step closer to buying your next home.
Play around with simple inputs on the calculator to estimate your purchase price range, needed down payment, and your anticipated monthly mortgage loan payment amount. Find Out How Much Home You Can Afford.
What’s the best Home Loan for me?
Mortgages aren’t what they used to be. Rates are changing and lenders are constantly competing to win more business. So how do you know what’s the best home loan for you? Well, that’s where we come in. At MortgageAdvisor.com, we work with the best lenders to offer you the best loan options. It’s like we’re doing your loan shopping for you. All this hard work on our end means you’ll get to buy a home and feel confident knowing you found the best home loan option for you.
The Most Common Types of Home Loans
- Conventional Loan – Can be fixed-rate, adjustable rate, or a hybrid. Loans are not insured or guaranteed by the government. Requirements are variable.
- FHA Loan – Backed by the Federal Housing Administration (FHA). Allows for a low upfront cost, accepts lower credit scores, and a down payment as low as 3.5 percent.
- VA Loan – Backed by the U.S. Department of Veterans Affairs (VA). Requires no down payment and can offer up to 100% financing option.
What Does it Take to Qualify for Home Loans?
Yes, you heard it right, when it comes to mortgages and borrowing money for a home loan, you must qualify. Whether you opt for a conventional loan, an FHA, or a VA loan, you must meet a lender’s requirements. Fortunately, with how broad the lending industry is, you’ve got options. So, how do you qualify for a loan? Lenders will evaluate the following:
- Household net income
- Available down payment
- Credit score rating (includes lending history)
- Employment history
- Available cash
- Current debts
7 Tips That Make Buying a Home Enjoyable
- Find out how much of a home loan you can afford before talking with real estate agents or private sellers.
- Get pre-approved for a loan before talking with a selling agent.
- Resist all temptations to spend at or over the amount that you can afford.
- When you’re determining your budget, be sure to include funds for:
- Consistent homeowner costs like HOA, insurance, repair, and maintenance costs,
- Property taxes and any renovation costs,
- Payments on any previously acquired debt that hasn’t been paid off.
- Get your home of interest fully inspected before you buy, even if it’s a newer property or has been recently remodeled.
- Get everything in writing and signed by all involved parties, including any verbal promises or guarantees the buyer makes.
- Make sure you choose the right mortgage loan option for you and your life situation.
Home Financing Questions and Answers
How much house can I afford?An affordable house price is one that factors into your net income, money saved for a down payment, and your existing and ongoing debts and expenses. Use our Home Affordability Calculator to find an affordable monthly mortgage payment.
Does my credit score affect my mortgage rate?Yes, your credit score does affect the mortgage rate. A higher credit score rating tends to give you more leverage when negotiating your interest rate and mortgage terms with a lender. Don’t know your credit score? We can help. Checking your score will not hurt your credit rating. Get your free credit score report.
How do I get a good interest rate on a mortgage?Your interest rate will depend on your credit score and the state of the housing market when you buy. Have a credit score rating below 620? Don’t fret, there are ways to build your score back up so that you have more purchasing power.
a down payment do I need on a house?The needed down payment will depend on the type of loan you apply for, your credit score rating, the value of the house you want to buy, and how much money you put down for a down payment. The more you can offer in you to pay 3.5% to 20% of the appraised house value in a down payment; 20 percent down will help you to avoid Private Mortgage Insurance (PMI) on a conventional loan. Calculate your needed down payment.
Should I get an FHA Loan?FHA loans are home loans that are insured by the Federal Housing Administration (FHA). FHA loans are some of the easiest to qualify for if your credit is less-than-perfect and if you don’t have a lot of money for a down payment. Learn more about FHA Loans.
Can I get a VA Loan?VA loans are guaranteed by the Department of Veterans Affairs and are made through private lenders. They require no down payment and no monthly Private Mortgage Insurance (PMI). VA Loans Eligibility requirements include that you have suitable credit, a valid Certificate of Eligibility (COE), and sufficient income. Learn more about VA Loans.