A mortgage advisor is your ally in the world of real estate transactions. Whether you’re new to buying homes or you’re a seasoned property buyer, you can benefit from the advice and assistance of a good mortgage advisor, who will guide you in the right direction and keep you from making potentially costly mistakes. Here are seven key ways in which a mortgage advisor can help you with your property purchase in Texas.

Find The Best Rates

Interest rates fluctuate, and they differ from one financial institution to the next. How do you know that you’re getting a mortgage with the best (in other words, lowest) interest rate possible in today’s market? You check with a knowledgeable mortgage broker, of course!

Mortgage advisors know the ins and outs of what’s available in terms of home loans, and who is currently offering the best rates. They can also determine whether or not a lower rate is worth your while, especially if it’ll cost you a great deal more in points and fees. A mortgage advisor who’s in the know can show you a list of loan products with low interest rates available to you here in Texas, and then proceed to go over the pluses and minuses of each product so that you can make an informed decision.

Learn About VA Loan Qualification

Are you a military veteran? You probably qualify for a VA loan. You may be eligible if you meet some of the following conditions:

  • Served 90 days of active service during wartime;
  • Served 181 days of active service during peacetime;
  • Served 6+ years in the National Guard or Reserves; or
  • You were married to a service member who died in the line of duty.

In addition to determining if, in fact, you officially qualify for a VA loan, a mortgage specialist can tell you what the requirements of this loan are. You’ll find out how much you can borrow, what conditions need to be met, what income and additional eligibility requirements may exist, and other important considerations. A mortgage advisor here in Texas will help you determine whether or not it’s in your best interest to apply for a VA loan, or whether you’re better off with a different type of loan.

Help You Get An FHA Loan

Might you qualify for an FHA loan? This type of loan is made available to individuals who want to purchase a home but may not meet the income requirements of a conventional loan. Backed by the Federal Housing Administration, FHA loans make homeownership possible for more people.

One of the most attractive characteristics of an FHA loan is the fact that lower down payments are accepted. You may be able to purchase a property with a down payment that’s as low as 3.5 percent. In addition, for many individuals, it’s easier to qualify for an FHA loan than for a conventional loan (but not for everyone).

A mortgage advisor knows the ins and outs of FHA loans and can help you determine if you qualify, and can also help you fill out the application. The advisor will walk you through the entire process to help you obtain an FHA loan and achieve your dream of home ownership!

See If You Qualify For Other Loans

Conventional, VA, and FHA loans aren’t the only ones available here in Texas. We also have USDA loans, which may be available to you if you’re looking to buy a home in a rural area. Called USDA Rural Development loans, these products offer an amazing 100-percent financing! Your home mortgage specialist can help you determine if you qualify for such a loan, which offers a number of perks including no down payment required, and flexible closing cost payment options.

Keep You From Making Mistakes

Especially if you’re a first-time homebuyer, or if this is your first time buying property in Texas, chances are, you may make a mistake if you’re trying to find a loan on your own. Unfortunately, there are predatory companies out there who will charge exorbitant fees and give you subpar loans just to make a buck. Don’t fall prey to these companies, and don’t navigate the loan process unaided. Get the help you need from a qualified mortgage broker with a good reputation.

Help You Qualify

If your credit score is low, or your income is less than what mortgage lenders want it to be, you may find it difficult to qualify for a home loan. A mortgage advisor can take a look at your circumstances and your financial picture and find ways to help you qualify for a loan — legal ways, of course — that you may not even know exist.

Save You Money

Finally, an experienced, knowledgeable mortgage advisor is able to save you money, both in the short term and in the long run. If you qualify, you may be better off with a 15-year loan instead of a 30-year loan, which can help you pay off the borrowed amount much quicker and save you thousands of dollars in interest payments. Or your advisor can help you get a loan with a lower interest or minimal associated fees.

Finding a good mortgage can be a daunting task when you’re on your own, searching for the right product all by yourself. But with expert help from a mortgage specialist who’s on your side, you’ll be able to consider excellent options you never even knew existed!

Work With Manuel Mortgage

We help home buyers in Texas qualify for the best loan possible, making dreams come true for people of all ages who desire to own property here in our state. We can help you, too! It doesn’t matter if you’re a first-time home buyer or a seasoned pro. Our passion for helping people means you’ll get customized, quality service, every time. Give us a call today to set up an appointment. You’ll discover what options are available to you for buying the home that you want. We’re ready to help you!