Are you looking for a home loan?
A mortgage specialist can help, regardless of the circumstances you find yourself in.
While there are buyers out there who have excellent credit ratings, a hefty down payment ready to go, a high-paying, steady job, and all the other qualities a bank looks for when reviewing loan applicants, there are also buyers who don’t necessarily fit the picture of the ideal borrower.
Regardless, a good mortgage specialist can help all types of buyers obtain the funds needed to purchase a dream home here in Texas.
Whether or not you belong to any of the following groups, a savvy mortgage specialist can help you obtain the loan you need to make your home purchase:
- First-time home buyer
- Eligible service members, veterans, and spouses who may qualify for a VA loan
- Someone with a small amount for a down payment who may qualify for an FHA loan
- Someone with lower credit scores who may qualify for an FHA loan
- An applicant who may qualify for a USDA loan
The fact is, there are several programs available to help qualified individuals secure home loans, even if they don’t have high incomes, don’t have great credit scores, and don’t have much savings allocated for a down payment.
A mortgage broker is familiar with these programs and can determine if you may qualify for any of the assistance programs that are available.
Much More Than Availability, Though
A good mortgage specialist is able to help you in many other ways, beyond just checking on the availability of assistance programs and finding out if you qualify for any of them.
A key way in which a dedicated, knowledgeable mortgage broker can help you is by finding ways to save you money! It’s not just about getting a loan; it’s also about getting the best loan possible that will bring you savings through the years.
Have you ever taken a look at how mortgage interest rates have fluctuated over the years?
Currently, interest rates for 30-year fixed mortgages are somewhere around 4.375%, although this number will vary depending on your financial picture, where you’re located, and who is lending the money.
Did you know that back in 1987, the 30-year fixed mortgage interest rate was as high as 11.37%? It’s true! If we had such high interest rates today, many of us would not be able to afford to buy a home.
Thankfully, today’s rates are lower than they were some 30-plus years ago. Still, it pays to shop around, and that’s exactly what a mortgage specialist will do for you!
There are huge differences in rates between one loan product and another.
For example, if you decide to get a 15-year fixed loan instead of one with a 30-year term, you will have a lower interest rate. You will pay off your loan faster, and you’ll pay significantly less in interest over the life of the loan.
Other types of loans with lower interest rates are VA loans and FHA loans. Talk to a home mortgage advisor to find out if you qualify for these!
Another area where a mortgage broker can save you money is in the closing costs. Once again, not all closing costs are the same. One company may be able to save you a significant amount over another company.
Some of these closing fees are dictated by the lender, while others are determined by the title company. Ask your mortgage specialist in advance what your closing costs may be, and find out how to save money through fewer fees and lower costs.
This money-savings benefit is often overlooked by consumers, but it can be a huge advantage.
When you apply for a loan directly with a bank, you are at the mercy of their rules and regulations. There really is no room for negotiating with the bank.
But when you work with a mortgage specialist, this individual has access to a wide range of financial products. Mortgage advisors have the ability to search for and find products that will save you money.
What’s more, they often have negotiating power, something that you rarely have. Financial institutions won’t negotiate with you, but they may agree to terms requested by a mortgage specialist, ultimately leading to a better product with better terms for you!
Turn To Manuel Mortgage For Assistance
Are you ready to purchase the home of your dreams? Is this your very first home? The specialists at Manuel Mortgage are ready to help turn your home-buying dreams into reality.
We are passionate about what we do. Our goal is to help people live their dreams and achieve the goal of homeownership. We look out for our clients, ensuring that they are served professionally and matched with the best possible products that are available.