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.
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.
Would highly recommend Lori. I’ve completed many loans with Lori and every time she has my best interest at heart. Her office is amazing, they always respond quickly to my questions.
Lori just closed two refinances for me in record time. Ahe got me the best rate out there. Her offixe is alqaya plesant to work with. Comminication is always wonderful. I would recommend you work with Lori od you are in the housing market.
Lori and her team are always amazing. This is my third transaction with her and they are always on the ball. She makes refinancing an easy process and I would highly recommend her for your fianncing needs.
Lori was tremendously helpful, answered all of our questions, and was very responsive. Her patience with us in answering questions and double checking on information. We would highly recommend her to anyone in the future!!
I did a refi loan with Lori. She answered alot of my questions and concerns with my loan. She was also very patience with me since I had lots of questions and concerns on my loan.
We had an excellent experience with Hawkins Home Loans and would recommend them for your next purchase or refinance! Thank you Lori and your whole team.
As a new first-time home buyer I had many questions about the process and Lori and her team made it easy and an enjoyable experience. I highly recommend Lori Hawkins!
This is the second time we work with Lori she is very friendly and helpful. She always make sure that we understand the whole process and that we 100 % happy with our loan. We’re really greatfull to find her she’s Amazing.
Great company to work with. Always responds back fast. Im a very busy person with work, so its helpfull when the office answers promptly. I would really recommend Lori and her team. She is very passionate about her work and doing what is best for your family.