Mortgage Loans

Financial Backing for Your Next Home

Embrace the beauty of owning your own piece of paradise with a secure mortgage loan from our reliable and reputable lenders. Whether you are a new buyer or a seasoned veteran ready to capture that perfect oceanside bungalow, we have many lenders prepared to offer you excellent terms. A mortgage is a surefire way to homeownership.

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Why You Need a Mortgage

Purchasing a home is one of the most significant milestones of anyone’s life. This is a legal agreement where a lender provides you with the money to buy real estate, and in exchange, you agree to repay the loan with interest.

Typical mortgages last in 5-year increments, with the most popular being 15 and 30 year periods. The collateral for the loan is the property itself.

If you fail to repay your loan, the lender has the option of repossessing the home through a legal process called foreclosure and then selling it to another buyer to recoup their costs.

How does it Work?

Securing a reasonable mortgage rate does require a bit of homework. You’re going to want proof of your income, an average or higher credit score, and a low debt to income ratio in order to attract the best terms.

When you are prequalified, you will be given an amount that lenders will be willing to lend. This will help you determine the kind of property you can afford. You may also wish to consider:

1 – Credit Score There are loan programs available to buyers with a low credit score of 500-600, but to really capitalize on the deal, you’ll need a score of 620 or higher. Working with a credit repair agency is a great way to increase your score.

2 – Home Value Getting prequalified is an excellent way to ensure you’re not getting over your head financially. You may love the look of that 5 bedroom 2 bath colonial, but you need to stay more to a 3 bedroom 1 bath ranch for the time being. This isn’t a bad thing. Once you have your finances a bit more secure, you can always upgrade.

3 – Down Payment Various mortgage programs function with little to no down payment. For most buyers, having 3-20% of the home’s value as a down payment can increase your chances at excellent terms. Otherwise, you may want to consider options like VA loans and FHA opportunities.

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Mortgage Tips

Getting a mortgage is a serious commitment to a loan program. It requires that you do not miss a payment, or you risk losing the property. To help you in the process, we have a few tips before securing a mortgage.

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Manage Your Finances

Make sure you’ve done the due diligence of checking your credit score and history to eliminate any errors and improve your number to above 620. The lower you can make your interest rate, the less you’ll spend in the long run.

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Calculate Your Term

Like we said above, mortgages come in a lot of variety. You should use a mortgage calculator to see how much you’ll be paying per month. You need to make sure your budget fits into the new payment structure.

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Prep Your Down Payment

The more money you can put down first on the home, the lower your overall financial obligation and the better your terms will be with the lender. Try for a solid 10% down payment at least before applying for a loan.

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Home Inspection

Lenders hate surprises. One of the easiest and most cost-effective tools you can employ before a mortgage prequalification is hiring a home inspector to check out the property. In some states, this is a legal obligation. The more you know about the home going in will result in fewer financial surprises for you and the lender

At BorrowMoney.com, we offer a wide variety of lending possibilities at incredibly low interest rates. Our goal is to provide you with as many reliable, reviewed, and attractive options as possible.

Do you need a mortgage? Apply now to compare rates from multiple lenders. Get results in minutes!

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