Mortgage Options

If you are going to be buying a home very soon, you will want to get preapproved. Your will be offered the option to get prequalified too. There is a big difference…preapproval means you can close on a home with probably an appraisal and a few details. Prequalified…I can probably get your dog prequalified. Prequalified just says that if all the details and information you give the lender checks out, they might give you a loan.

Why is this important? If you write a contract on a home and there are multiple offers, the seller may want to go with the person whose loan is ready to go right now.

  • $417,000 Maximum conventional conforming loan amount.
  • $288,750  FHA  loan amount
  • $417,000 VA with no down payment, VA jumbo loans are available with additional down payment

There are still a lot of loan options out there for you to choose from. But for most of you, a 30 year fixed rate loan is the best. Or if you want to, you can get a 15 year mortgage. Remember you can always do a 30 year loan and make extra payments. Adjustable rate mortgages are still available, and depending on your circumstances, may be right for you.

If you are a veteran, a  VA loan may be best for you with it’s zero down component.

And if you are looking for affordable homes, many times the FHA loans will work best for you.

I use a loan officer that I have worked with for a long time. Her name is Kristen Carroll and she is with Sente Mortgage. She returns her emails and phone calls and is honest. She has competitive rates, and excellent service. Beware of internet companies with low rates and terms. If it sounds too good to be true… well we have all been there.

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