Home Loans made simple
First time homebuyer? You’ve come to the right place!
Looking at real estate fliers and touring homes is easy. Applying for a home loan and figuring out how to pay for a house – well, that can get complicated. Let us guide you through understanding a home loan.
#1 - A home loan is called a mortgage.
Buying a house is one of the largest investments most people make. Home loan programs are available to those who need to borrow the money and buy a house (which is almost everyone.) The money borrowed and the payment due each month is called a mortgage.
#2 - Home loan options are also called programs.You have choices when it comes to a home loan. Some buyers have more choices than others depending on how much money you make, where the home is located, how much money you have to spend right away and your credit score. There are many options when it comes to home loans and several programs available. Some of them include:
- Conventional loans (also known as regular loans)
- FHA loans
- VA loans
- USDA loans
The best step to determine the right home loan program for you is to call a local mortgage lender you trust. The lender can explain the difference in each program and help you decide which one is best for you.
#3 - Learn the numbers.There are many “numbers” involved in a home loan process. When you apply for a loan, you will have a unique set of figures for you. Here are some numbers that will be figured up into your home loan:
- Purchase price of the home
What you’re offering to pay for the house you want to buy.
- Down payment
The money you have available to buy the house when you apply for your loan.
- Interest rate
Usually a percentage and based off of your credit score. This percentage figures up how much money in interest you will pay during the life of your loan.
- The term of your loan
Typical terms are 15, 20 or 30 years – meaning how long it will take to pay back the loan.
- Monthly payment amount
This is what your mortgage bill will show each month.
#4- Home loans aren’t free – but it doesn’t cost to apply.
It’s FREE to pre-qualify and apply for a home loan. But there are some fees involved when you borrow money to buy a house. Closing costs will apply before your loan is approved. This pays for the processing of the home loan. Also, you will be charged interest on your loan – this works just like any other loan from the bank – interest for borrowing the money will be part of your mortgage payment.
#5- There are tax benefits to home loans.Although home loans do not come free, the government lets you write-off what you pay in interest on your Federal income tax return. Also, if you pay mortgage insurance (MI), you may also write-off this amount.
How do I buy a house?
These are the basics of understanding home loans. If you want to buy a house but haven’t found one yet, go ahead and pre-apply for a home loan now.
If you’ve already found a house and made an offer, we can still help you. Fill out our online application form for a home loan. Our team will be in touch ASAP to collect information about the house you want to buy and get the ball rolling on your financing.
Questions? Call us at (916) 371-6300.
We've been working with Lori since October 2013. Lori has been pleasant and extremely helpful for Us with our initial home purchase and refinancing. She made the process easy and non stressful. We wouldn't think of working with anyone else. She's guaranteed to get you what you want!
Lori is an extremely professional flexible loan agent. I have been working with her for several years now and she is the only person I have been going through for my loans and every time she has been honest with me about what to do and how to do it. I highly recommend her to whomever is looking to purchase their first home or buying a second or more property. She will be persistent and punctual with you and make things as easy as possible. She also has ana amzing team behind her that helped us along the way when Lori was unavailable.
Lori was amazing. Wonderful experience in refinancing our home! The process was quick and easy, she saved us money and stress. Absolutely use her services in the future.
Lori and her staff were awesome. They worked really hard for us in this trying time. They communicated with us all the way through the process which is important to me!
I recently purchased my home last year using the VA. I went to Lori less than a year later and they refinanced my home saving me almost 300 a month. Will definitely use her on my next home purchase!
We have now worked twice now with Lori and her team. We have worked with a few different lenders and Lori is by far the easiest. They are efficient and care about getting you the best deal. Definitely have recommended to family and friends.
Very easy transaction and the staff were on top of it. I was kept updated and knew exactly what was happening every step of the way. Highly recommended!
Lori and her team were amazing when I refinanced my home loan! Lori personally answered all of my questions and was right by my side during the whole process; explaining everything to me in detail. I couldn’t have asked for a better experience!
Lori is a wonderful woman. She helped me purchase my home I’m in, and 2 years later here I am working with her again to refinance. The process was so easy she is like an angel from heaven. I will always do business with her.
This is my second transaction with Lori. I would look no further if you are looking for someone who is knowledgeable in the business. She makes the lrocess so easy.