Home Loans: Where Do I Begin?So you've finally decided you've had enough of paying rent and want to jump into home ownership. Well you've got your work cut out for you. Plumbing problems are now your responsibility, not your landlord's. A nice, clean yard is also your responsibility, not your landlord's. The air-conditioning goes out in August, who do you call. Not the landlord, you're now responsible. Yep - a lot of work. But none of that matters if you can't get into the house in the first place. Unless you just won the lottery or your dead Uncle Fred left you a small fortune, you will have to take out a loan to get your dream home. But where do you start. It's more complicated than going to the bank and asking for a loan. There's 100% financing loans for those with no down payment. Government loans for those who qualify. Conventional loans where you, as the buyer has to come up with a substantial down payment. And that's just the beginning. So let's take a quick look at what is out there to help you get started on the most important financial purchase you will ever make. A conventional loans is the type of home loans most people think of when they think of borrowing money. The conventional loan requires good credit and at least a 3% down payment. That's at least $3,000 down, WITH good credit, on a $100,000 home. And how many of us out there have a completely clean credit report? If you've ever been late on a car payment or a credit card payment, or even if you've been late returning a movie, this may not be the kind of loan for you. Anything can show up on your credit report and keep you from getting a conventional loan. But you have options. Two of the more popular alternative home loan programs are 100% financing and government loans. One-hundred-percent financing loans are available through the VA, FHA and conventional means. But if you try to get a 100% financing loan through conventional means, your credit report had better be so spotless that it's opaque. Not an option for most people. The Veteran's Administration and the Federal Housing Authority both offer 100% financing loans - which means you don't have to come up with a down payment. But you will pay a price. Both the VA and the FHA consider 100% financing loans high risk and offset that risk with a higher interest rate. But that's just the beginning. You have numerous options available to you if you put in the work to really research home loans. In addition to conventional, VA and FHA loans, there is a whole host of other options available depending on where you fall on the perfect-to-lousy sliding credit scale. Following are just a few:
So as you can see, you have your work cut out for you. Don't jump into the first deal you come across. "Research, research, research" should be you motto on this new endeavor. Find out every type of loan that you qualify for and decide which is better for your situation. But remember, you can't wait for the maintenance man to come fix your toilet anymore. Go buy a plunger. The toilet is now your responsibility. After all, it's your house. Good Luck! Allen Shaw is a successful author who provides tips and information on home loans and refinance loans. "I am the news director at USA News Network and have been working as freelance writer for 2 years. I've been published in a few magazines, newspapers and websites and my specialty up to this point has been movie and music reviews."
MORE RESOURCES updated Thu. March / 28 / 2024 Types of Mortgage Refinance Options Bankrate.com Discover Home Loans Review 2024 - Mortgages Business Insider Refinancing - Learning Center Zing! Blog by Quicken Loans How to Refinance Your Mortgage NerdWallet Mortgage Interest Rates Today, March 28, 2024 | Rates Are Down This Week. Will They Stay That Way? Business Insider Will Mortgage Rates Go Down in 2024? What Homebuyers Should Expect Business Insider Underwater Mortgage: What To Do Bankrate.com Mortgage Refinance Rates: Compare Current Rates Business Insider When to Consider Refinancing Your Mortgage Business Insider Mortgage Interest Rates Today, March 27, 2024 | Rates Down Slightly as Homebuying Season Ramps Up Business Insider 30-year refinance rates: What to know CNN Underscored 15-Year Mortgage Refinance Rates: Compare Current Rates Business Insider The best mortgage lenders for refinancing in March 2024 CNN Underscored Mastering Rate-and-Term Refinance: a Complete Explainer Business Insider Mortgage Relief and Mortgage Assistance Programs [2024 ] The Mortgage Reports Current mortgage refinance rates CNN Underscored Should You Refinance Your Mortgage In 2024? Bankrate.com Best Mortgage Refinance Lenders In 2024 Bankrate.com Current mortgage interest rates: Mortgage rates today CNN Underscored MBA: Mortgage Applications Decreased in Weekly Survey Calculated Risk VA Refinance Rates - Current VA Loan Refinance Rates Today Business Insider Best Mortgage Refinance Lenders of March 2024 Business Insider Refinance Requirements: What You Need to Refinance Your Home in 2024 The Mortgage Reports Best Refinance Lenders of March 2024: Refinance Your Mortgage The Motley Fool When to Refinance Mortgage: Is it Time? - Buy Side from WSJ The Wall Street Journal Mortgage Rates This Week NerdWallet Conventional Refinance Rates and Guidelines for 2024 The Mortgage Reports How Soon Can You Refinance a Mortgage Loan? 2024 Rules The Mortgage Reports How To Refinance An Underwater Mortgage Bankrate.com How Soon Can You Refinance a Mortgage? NerdWallet Current 15-year refinance rates — and lenders that offer them CNN Underscored Mortgage Rates Chart | Historical and Current Rate Trends The Mortgage Reports Can You Refinance With No Income Verification in 2024? The Mortgage Reports What Credit Score Do I Need To Refinance? Bankrate.com Should I Refinance My Mortgage Now? When to Refinance As Rates Drop Business Insider Office of Research blog: A look at cash-out refinance mortgages and their borrowers between 2013 to 2023 Consumer Financial Protection Bureau The Sales Pitch for an 8% Mortgage: Buy Now, Refinance Later—for Free The Wall Street Journal How To Get The Best Refinance Rate Bankrate.com CFPB Releases Study of Refinance Mortgage Loans Between 2013 and 2023 Consumer Finance Monitor Save up to $1,500 on a Mortgage Refinance With the New FHFA Program Business Insider Should You Refinance Halfway Through Your Mortgage? Bankrate.com Mobile Home Refinancing | Loans & Rates 2023 The Mortgage Reports Mortgage Rate Forecast February 2024 Bankrate.com
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