So You're Looking to Buy a New Home?
Deciding to purchase a home is a huge — but exciting — decision. There are several benefits you'll be able to take advantage of when you decide to buy a home as opposed to renting:
- Build equity: Every monthly payment helps build equity in your home. Equity is the difference between your home's appraisal value and what you still owe on your mortgage. Over time, the more payments you make, the greater your home equity will be.
- Create a better credit rating: If you pay your mortgage payments on time, you'll boost your credit rating. With a high credit rating, you'll be perceived as a more trustworthy borrower by lenders.
- Invest long term: Since your home's value can appreciate over time, owning a home can often be a good long-term investment.
Owning a home also provides you and your family with a sense of permanence. Plus, you'll have the freedom to personalize the landscape and interior to truly make the space your own. Instead of having to go through a landlord whenever you want to renovate or repair your home, you'll be able to get started whenever you'd like.
How to Pick the Best Mortgage Lender
Choosing a home mortgage loan product involves taking several things into consideration. Of course, you want to make sure you get the lowest home mortgage rate, but it's also important to make sure you choose a company that's willing to work closely with you to meet your needs.
There are several things to keep in mind when choosing from all the different home mortgage loan options:
- Make sure you are financially ready: Before you begin applying, take time to carefully review your finances. Check your credit score and credit reports. Also, determine what you can afford and start saving for the down payment and closing costs.
- Get a mortgage preapproval letter: With a preapproval letter, it will be easier to prove that your loan will close. Sellers will feel more confident knowing you've gone through the process of figuring out how much you can afford, putting you at an advantage.
- Find the best home mortgage solution: Keep in mind that with credit unions specifically, you will have to be a member. Once you are a member, you'll be able to compare options and rate estimates and determine which one will best meet your needs and goals.
Find the Best New Home Mortgage Solution for You
Whether you’re looking to purchase your first home or your forever home, Mortgage Center has you covered. From low down-payment purchase loan options to flexible payment terms, we will give you the information you need to find the perfect mortgage solution. We even offer a no-cost pre-approval so you’ll know exactly what you can afford all while making your offer stand out from the rest. Apply in minutes online or over the phone at 800-353-4449.
Types of Loans for New Home Purchases
There are several different types of mortgage loans to choose from. We'll help you find the best mortgage loan rates and options to fit your needs:
USDA Rural Development
Allows you to put no money down when you're buying a home in a rural area.
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Learn More About Our Home Mortgage Loans and Services
Offering home mortgage loans in Michigan, Ohio, Wisconsin, Illinois and Florida, Mortgage Center is licensed and ready to meet all your needs.
Apply online today to start the loan process.