The leap from renter to homeowner can seem like a large one, particularly if you are not sure what to make of the housing market or unsure what it will take to secure a mortgage. Fortunately, help is available, which means you gain the benefits of insight and experience on matters that can prove difficult to navigate on your own. One area of concern FHL Texas can help you explore is the matter of your down payment. You can be surprised at what kind of terms you can secure even when you have a smaller down payment, which means the opportunity to own a home may be easier to attain than you anticipate!
Our support has helped many first time homebuyers secure their first properties, and we also support those who are looking into more complicated purchases like those interested in acquiring second homes or investment properties. In addition to helping you understand what to anticipate from the housing market and different lenders, we can help you appreciate the positive long-term impact of owning a home.
Does The Idea Of Buying A Home Make You Nervous?
As rent prices rise, the appeal of becoming a homeowner can be hard to resist. As exciting as it can be to make this transition in living situations, potential buyers can feel intimidated by different aspects of the purchasing process. One issue is that many will worry about the down payment. First time homebuyers can have a tougher time with this because they are not supported by the sale of a home, so many have less that they can put down on their mortgage. This and other fears can ultimately keep you from making a move that is rewarding personally and financially, as you can have an easier time purchasing the space that you want than you think possible!
How The Right Mortgage Guidance Helps First-Time Homebuyers
Even people with experience buying and selling properties can benefit from professional guidance. With that said, guidance for mortgage matters can be especially helpful to those ready to buy for the first time. FHL Texas provides insights into the housing market, interest rate fluctuations, and the different types of mortgages available for potential buyers. Information can dispel unfounded fears, but our support can help you do more than just gain a better sense of the market and whether you should make an offer on a home. We also break down the different aspects of mortgages that you are eligible for, secure a no-cost pre-approval to help facilitate a purchase, and strategize with you to make sure your decision to buy is good for you in the long term. We can also help you understand how you can proceed even if your anticipated down payment is on the small side.
You Can Secure A Loan With A Smaller Down Payment Than You Expect
Both government-backed FHA loans and conventional loans help would-be buyers secure the mortgages they need to purchase homes. For a first-time buyer who expects to offer a smaller down payment, both are available. An FHA loan can be secured with a down payment as small as 3.5%, while there are conventional loans that can be offered with down payments as small as 3%. Of course, larger down payments can help you in ways that make them worth considering, but having these lower offers available can help you proceed with your sale without the financial windfall of a home sale of your own to support you.
Reviewing Your Different Loan Options
Different loans can have different obligations; some come with more costs associated with mortgage insurance premiums (MIPs), and they can require payments on different schedules. We deal in a diverse array of loans, so we can help you explore all of the different paths you can take when you want to make an offer on a property.
The Advantages To Owning Instead Of Renting
The trend for rental units points to continued cost increases. The stability of owning a home and securing long-term obligations can make your money situation more stable than if you have to account for rent prices increasing every time your lease changes. Of course, that control is just one long-term benefit to owning where you live instead of renting the space where you reside. You build your equity in your home every time you make a payment on your mortgage. As those payments add up, your overall net worth grows because you have a larger stake in your property. This can help you secure more advantageous loans, and it can be important for your preparations when it comes time to retire.
Refinancing Can Help You Lower Monthly Payments And Make Other Beneficial Changes
While you can find a better mortgage for the home you want than you anticipate when you look into buying, you may be eager to modify your terms in the future. Doing so by refinancing will help you change your monthly payments and interest rate, which can be good for your overall financial health. The option to refinance can also help those who take options like balloon loans or adjustable rate mortgages, as they can avoid larger future obligations that were part of the terms they originally accepted to secure a sale.
Count On FHL Texas For Support When You Look Into Securing A Mortgage And Buying Your First Home
Buying your first home can be easier to do than you realize. The longer you wait, the more you risk letting the perfect home enter and exit the market before you knew to pursue it! FHL Texas helps buyers in different life stages, including those who are trying to make their initial purchases. If you would like to find out more about how we can help you in these matters, call FHL Texas at 1-800-990-LEND (5363)!