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Mortgages Can Be Easy and Hassle Free
Speak to a Loan Officer
Speak to our knowledgeable loan officer about your specific needs. They’ll help you decide which direction will make the most sense for YOU.
This step is pre-qualification and can save you time and trouble by making certain you are looking in the correct price range based on how much you can afford and the amount you qualify for.
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Close your loan and get your new keys. It really is that easy! Mortgages and home loans are much easier than they used to be. We can help!
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Home Loan Options That Will Give You The Best Loan At The Best Rate
You need a roof over your head, but a good home can be tough to come by. It’s important to consider all of your potential expenses besides just the mortgage payment.
Taking out a mortgage on your home is a great way to purchase a home little by little. HomeMortgage.com can help you secure a home loan so that you can get the financial assistance you need. Whether you need to buy your home or refinance it, you can wholly rely on our professional help.
Get the Financial Help You Need
HomeMortgage.com can save you time and money when it comes to finding the very best home loan option for you. Rather than researching and contacting mortgage companies on your own, let us do all of the hard work to get you the best home loan you can get in Maricopa County, AZ. We only work with the highest quality of mortgage loan companies, so you can trust that their work will be satisfactory and that these companies are worth doing business with.
Beyond an initial mortgage loan on your home, we can also help you refinance your home, apply for the right kind of mortgage loan, and even apply for a reverse mortgage if you’re looking for some additional income. No matter where you are financially we can get you in touch with the right loan company that can help you afford the important necessities of life.
Take a load off your shoulders by getting the best professional financial help you can get. We’re ready to chat when you are.
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How a Home Mortgage Company Can Get The Best Home Loan For You
The decision to buy an home is one that most people do not take lightly. It is a big commitment both emotionally and financially. Not only do you want to get the home that feels “right” to you, you also want to be sure you get the financing that comes at the best price with the least stress possible. During the home buying process, the financial part can become confusing and downright exasperating. A really good way to eliminate a good part of that stress can be to understand the the way home mortgage companies work and what kind of home loan will be best for you and your budget.
Types Of Mortgages Available Through Home Loan Companies
When you are learning about mortgages a good place to begin is to understand what kinds there are to choose from. There are two main types of home mortgages or loans that companies can offer, government loans and conventional loans. Government loan types are :
- FHA (Federal Housing Administration) Loans
- Government & VA (Veterans Administration) Loans
- USDA (United States Department of Agriculture) Loans
Each of these government backed loans have specific requirements that need to be met for individuals to be able to qualify for them. They are available through several different home mortgage lenders and companies. However, qualifying for these special loan programs end up being a big benefit as they offer special structure to give you even more payment options!
The other main type of home loan is a standard or conventional loan, and these loans are backed by banks, local credit unions, or private lenders. These are also available through home mortgage companies and brokers. Government loans, because they are insured by the federal government, can offer home loans to people who may not qualify for a conventional home loan. If you have a lower credit score, or cannot afford a substantial down payment, a government backed loan may be a good choice for you, and a home mortgage company will be able to direct you to one of them if you qualify. Conventional loans, because they are backed by private companies, are typically best for borrowers with less risk. You will need a fairly decent credit score and a higher down payment to qualify for a conventional loan. It’s not always the case, but conventional or standard home loans typically look for somewhere around 15%-30% down payment. This equity comes from savings or the profit of the sale from another property. Of course, there are always exceptions here and there, depending on individual situations and lenders, and those can be discussed when you meet with lenders or obtain a pre-qualification for loan. This is where HomeMortgage.com steps in and helps. We’re those loan specialists!
What To Expect From A Mortgage
Now you know the basic types of loans available, you should have a basic understanding of how loans from home mortgage companies work. A mortgage is a loan with the home you are buying acting as collateral. The lender, whether government backed one, or a private company or financial institution, will lend you a portion of the money needed to cover the cost of the home. In turn, you will agree to pay back the lender the full amount of the loan plus interest during a certain period of time. The time period you have to pay back the loan is commonly referred to as the “term” of the loan. These “terms” are usually for 10, 15, 20, or 30 year periods of time. Each mortgage will also carry interest. The interest rate will depend on your credit score, among other things when you apply for your loan. Mortgages will have either a fixed interest rate, or an adjustable interest rate.
A fixed interest rate will stay the exact same rate from when you take out the loan until you make the last payment on the loan. No matter what the economy does or what your credit score does during the term of the loan, the interest rate you pay will be unchanged. An adjustable rate can change over the term of the loan, depending on many factors. It may start out very low (lower than a fixed rate) but can fluctuate. For a conventional loan, the rate can be adjusted yearly depending on the the market interest rates. So it could go lower, which is great for the borrower, or it could climb higher, which benefits the lender. While a fixed rate is typically higher than an adjustable rate, it is also less risky. You will always know exactly how much your monthly mortgage payment is for the term of the loan. With an adjustable rate, that payment amount could change by a little or a lot year to year. How much your mortgage payment will be also depends on your down payment.
Nearly all loans available (with possibly the exception of certain USDA home loans) will require a down payment. This is money you must have to put towards the cost of the house up front. Most loans, conventional or government, will require at least a 3-5% down payment, although you can put down more than that if you have it. The higher your down payment, the less your loan will be for and the lower your monthly mortgage payments. One thing to think about is that if you initially have a less than 20% down payment, you will have to pay an insurance called “private mortgage insurance”. This insurance will cover the home mortgage company or lender in the event you cannot pay your mortgage payment. A few other things may also affect how much your monthly payment will be.
This is a succinct and easy-to-understand break down of the monthly payment from HowStuffWorks: The monthly mortgage payment is composed of the following costs, appropriately known by the acronym PITI:
You can easily find “mortgage calculators” online to see about how much you can expect to be able to pay, and how much you may qualify for when looking for a loan. A home mortgage company will also discuss this with you when you apply for a loan, whether in person or online.
What Is A Home Mortgage Company?
According to Investopedia, “A mortgage company is a firm engaged in the business of originating and/or funding mortgages for residential or commercial property. A mortgage company is often just the originator of a loan; it markets itself to potential borrowers and seeks funding from one of several client financial institutions that provide the capital for the mortgage itself.” This can be an online home loan company or a brick and mortar business or financial institution. If you are in or around the following cities:
- Queen Creek
- Sun City West
- Litchfield Park
- Paradise Valley
- Casa Blanca
- Chandler Heights
- Sun Lakes
- Cave Creek
- 50 mile radius around Phoenix, AZ
Home Mortgage is a home mortgage company that can help you find the ideal loan that works for your budget. Our loan officers are professionals that want to help you get the loan you need for the home you want with. You will want to make sure you understand all of the details and costs of purchasing a home, and that you get a loan that has no surprises and that will work for your personal situation. Our home mortgage company will do that with you.