The new year is days away, but many people are already working out their resolutions for 2023. Many couples and families will look to make this year the one when they pursue homeownership. It can be exciting to think about reaching this milestone, but it can also feel difficult to take on if you lack familiarity with mortgage matters. Are you going to have enough to make a down payment? What kind of terms will you receive for your loan? Is this really a good time to stop renting and commit to buying?
Through guidance from FHL Texas, we can help you navigate the process of becoming a homeowner. Better information and expert guidance on mortgage matters can make your pursuit of homeownership easier. We offer the right information for prospective buyers, including information on loan terms and what kind of offer you should be prepared to make. Through our help, you can even enjoy an expedited buying process, as we offer no-cost preapprovals that help with successful offers. FHL Texas can also provide support for those who want to make this the year they buy a second residence or their first investment property.
Your First Home Purchase Can Be A Big Milestone
When you decide to become a homeowner, you can be excited for the living situation you look forward to. That being said, unease and confusion about the housing market and buying process can shake many interested parties. Difficult questions about the real estate market and changing interest rates, the ability to secure the right mortgage, and the long-term impact of property purchases can intimidate would-be buyers. As with any major purchase, it is important that you have the right information. FHL Texas provides guidance on the market, your mortgage options, and the long-term advantages of property ownership. In addition to this, we provide no-cost preapprovals that make it easier to make a successful offer.
What To Expect As You Look At Your Mortgage Options
There are different mortgage types that you can consider if buying a home interests you. You can take out a conventional loan through Fannie Mae or Freddie Mac; you can also choose an FHA-backed government loans. With both options, you can actually secure the support you need to make your purchase with lower down payments. A conventional loan can be secured with a down payment as small as 3%, while an FHA loan can be secured with one as low as 3.5% of the total. Your choice will affect your MIP (mortgage insurance premium) and overall rates, which can impact what you owe for the lifetime of the mortgage. We can help you understand what choice is most appropriate for you, just as we can help you determine what kind of down payment you should plan to make to secure your desired terms.
Reasons To Prioritize The Move From Renting To Owning
When you move from renting where you live to owning your home, you gain exciting long-term benefits. One benefit is that your monthly payments build equity, which means your net worth grows as you pay down your mortgage. This is an effective way to build your worth over time, which can be key for growing credit and planning your retirement. You can also protect yourself financially by moving away from a renting market that continues to raise prices. Having a fixed cost for your home to rely on can make finances more predictable and comfortable.
Enjoy More Control Over Your Home And Start Building Equity!
By paying off your mortgage, you gain more access to the value of your home. In other words, there is less that you owe the bank and more you gain from a potential sale. This is a smart way to grow economically through the years, and it can boost your credit. Because you also have the ability to refinance your property, you can take advantage of lower interest rates and equity at a later date. One of your options is a cash out refinance, which lets you take on a new loan and also receive money based on your accumulated equity.
More Support We Offer To Homeowners And People Ready To Buy
FHL Texas proudly helps people with different mortgage needs and concerns. Beyond helping those who want a primary residence, we work with buyers interested in a second home, like a vacation property, and we can support those who want to invest in a home. Because we offer these different forms of support, we can help you with your long-term financial growth in exciting ways. Remember that we also assist with securing refinancing as well as reverse mortgages. Both of these can help you use your existing home to improve your financial situation and even plan for your retirement!
FHL Texas Is Ready To Help You Become A Homeowner!
Is the new year the right time to become a homeowner? Whether you enter the market as a buyer for the first time or looking to make a change in your living situation, we can help! Beyond offering insights into the market and the mortgage requirements you should know, we provide no-cost preapprovals that lead to successful offers. For more information on how we can help you, please call FHL Texas today at 1-800-990-LEND (5363)!