Your first homebuying experience can certainly be educational. That being said, there are challenges to face for those who have been through the process before, too, which makes the right support particularly important. With FHL Texas to help guide you through the financial aspect of property purchases, you can make a challenging and potentially confusing process easier! Guidance on what you should be ready to spend, how you can secure the right loan terms, and what you can do with the equity you build over time can all be helpful. We are happy to guide you through your first home purchase or your next one. We can also support you when you look into buying a vacation home or an investment property!
Are You Considering A Home Purchase?
People go through the process of buying a home in different life stages. Some are preparing to make their first purchase, while others will look to leave their current property for a new one. While many are buying the space where they will reside permanently, some buyers need help as they look for a place they can buy as an investment or vacation space. In all of these scenarios, the right loan terms and support can be vital. By providing early guidance and no-cost preapproval, we can help you even if worry you are not quite ready to enter the world of homeownership.
The Right Early Steps Are Important
Are you really ready to buy a home? Your early steps are important. What you have saved up will help you make a purchase, and a review of interest and property rates can tell you if this is an advantageous time to move. Of course, not everyone has full control over when they need to buy property. If you are moving to a new area or need to expand to accommodate a growing family, the right time can be “right now” even if you have spent less time building savings and looking at what is available. You may not have the savings on hand to make a significant down payment, but with different loan options like FHA loans available to you, that can ultimately matter less than you expect.
Learning What Loan Types Are Available To You
Does it make more sense for you to secure a conventional mortgage or an FHA loan? Can you qualify for a fixed rate, or should you look into an adjustable rate mortgage? FHL Texas has experience with government-backed FHA lending and conventional loans supplied by private companies. We can also help you if you qualify for a VA loan, want to consider a jumbo loan, or if you are prepared to spend more at the end of your mortgage with a balloon payment. As you learn more about the loan terms available to you, we can learn more about you and your finances in order to determine what approach is the right one.
We Can Support You When You Make Your First Home Purchase
First time buyers can find themselves working around certain disadvantages when it comes to buying a home. One issue is that you are not gaining money from a property sale you can apply to your new mortgage. Credit concerns can also be a problem, as you do not have a history of mortgage payments to lift your score. You are also entering a world of investment and financing that is all new to you!
This first experience is made easier with the right support. No-cost and no-obligation preapprovals can answer important questions about what you can qualify for and what monthly payments you should expect. We can also help you enter into loan terms with surprisingly low down payments. Buyers who qualify can secure FHA loan terms with just a 3.5% down payment, while conventional loan terms can be approved with down payments that are as low as 3%! As intimidating as homeownership might seem from the outside, our support can make it easier and more exciting. Remember that you do have the option to refinance later, so you can secure superior terms on your mortgage after you already have your home.
Purchasing A Vacation Or Investment Property
Not every home purchase is intended as a primary residence. If this is your first time buying a vacation or investment space, you can find that the rules for lending change. Our guidance can help you understand what you can and cannot do with these properties. While FHA loans and reverse mortgages are restricted to primary residences, you can still secure great rates for these other types of purchases. We can make sure you have the right terms for a second home, and that you avoid the kind of costs associated with commercial investment purchases. For your investment property, we can help you make sure this is the right time, and that you are in the right position to see value from your commitment.
FHL Texas Can Help You When You Are Interested In Buying A Home!
Whether you have saved and prepared for a first home purchase or you need to exit your current property, homebuying presents real challenges. Fortunately, the right lending guidance is available! FHL Texas works with buyers in different life stages and with different goals. No-cost and no-obligation preapprovals can remove frustration and uncertainty from the process, and information on different loan terms can open you up to a purchase that feels out of reach. To learn more about how we help people secure homes, investment properties, and more, please call FHL Texas for support at 1-800-990-LEND (5363).