Home Loans
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Buying A Home
Few things are more frustrating than falling in love with a home only to discover it's out of your price range. But, how do you figure out what you can afford? You should consider two major factors when determining how much home you can afford:
Your Credit Score
Your credit report determines your credit score, which is needed for qualifying for a home loan. Your credit score can help you qualify for a bigger loan amount and/or better interest rate.
It’s important to check your credit report carefully for discrepancies and errors. You can order your credit report from the three major credit bureaus, Experian , TransUnion and Equifax . There are many other ways you can improve your credit score to get the best loan possible including paying your bills on time, paying off debt and keeping credit card balances low.
Mortgage Payment
It’s possible you may qualify for a loan amount that would require a higher monthly mortgage payment, but you may not want to stretch yourself too far financially. If that’s the case, you should calculate how much you’d be comfortable paying for your mortgage payment. We can give you a better idea of your potential monthly mortgage payment, and how much you'll be able to borrow. Simply fill out our pre-qualification form.
Get a loan before you house shop
It sounds counter-intuitive: why would you apply for a mortgage when you haven't even started looking for a house yet? The answer is simple. When you are pre-qualified for a loan, you're in a better position to negotiate sooner...
Home Equity Loans
There are three ways to turn your home equity into usable cash:
When you take a "cash-out refinance," it means you're refinancing your existing loan to a larger amount than what you owe and taking the difference in cash. You receive your money in a lump sum and you might use the cash for home improvements or debt consolidation. If the mortgage interest rate on your existing home loan is higher than current rates, it may make sense to refinance this way.
If you have a great mortgage interest rate and don't want to refinance your existing mortgage, a home equity loan might be the way to go. A home equity loan is a second loan that you take out in addition to your first mortgage . It allows you to get cash from your homes equity.
A home equity loan takes less time than refinancing your first mortgage and is a good choice if you'd like your cash in a lump sum. Again, you might use this for home improvements or paying off high-interest credit card debt. You might also use it to pay medical bills or finance a second home.
3. Home Equity Line of Credit
A home equity line of credit (HELOC) is different from the first two options. It works similar to a checking account or credit card except that it uses the equity in your home as the revolving line of credit. You pay only if and when you use the money. But, unlike credit cards, the interest is usually tax-deductible. * Check with your tax advisor.
With a home equity line of credit, you have the choice of getting a lump sum at closing or only part of your money and drawing on the rest when you need it. Unlike a home equity loan or a refinance, you can get a home equity line of credit in as little as ten days.
A home equity line of credit can be a good choice if you need to access your money more than once, like when you're renovating your house and need to pay different contractors at separate times.
VA/FHA: EZ Loan
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