Whether you are a first-time buyer or a seasoned pro, buying a home is a huge financial decision. There are many expenses that come with buying a home, but one of the biggest decisions you’ll have to make is your mortgage type. This process can be overwhelming, as you try to navigate the various loan types available and weigh their pros and cons against your financial situation. There may even be loan types that you are unaware of or financial factors that you didn’t take into consideration. 

Luckily, you don’t have to navigate this complicated process alone. When you hire a professional mortgage broker, you can have the peace of mind that you will end up with the mortgage that is the best fit for you and your family. At Manuel Mortgage in Cypress, we strive to help our Texas homebuyers find the best loan type for their unique situations. 

Pre-Approval

When you are in the middle of navigating the homebuying process and choosing a mortgage type, it can be difficult to know where to begin. Fortunately, your professional mortgage broker can help set you on the right path by getting you pre-approved for a loan. In most cases, pre-approval can help speed up the homebuying process. This is luckily a fast and easy process that can take 15 minutes or less. You can even begin the application process online with Manuel Mortgage. All you will need to begin the pre-approval process are a few important documents:

  • For hourly or salaried paid compensation: All W2’s for the last two years and your three most recent pay stubs.
  • For self-employed clients and rental income used to qualify on Schedule E: last two years of personal tax returns including all schedules and the last two years of business returns (1120S) including K1’s
  • Additional items that may be required: recorded divorce decree, child support orders, Social Security awards statements, military disability awards/pension statements.

Understanding the different loans available

Once you have been pre-approved for a loan and are ready to get the ball rolling with the homebuying process, you’ll need to know what types of loans are available. There are many loan types that you could potentially qualify for and it can be daunting to sort through all of these options. With the expertise of a professional mortgage broker, you will be able to clearly see all of the loan types that are available to you. Then, you can be secure in knowing that you chose your loan with full knowledge of all the options. The loan types that your mortgage broker can help you understand include:

  • Conventional loans
  • FHA loans
  • VA loans
  • USDA loans
  • New construction home loans
  • Jumbo loans
  • Renovation loans

Matching you up with the right loan

Ultimately, you will have to choose the best home loan type for you. So far, your mortgage broker has helped you get pre-approved and explained all of the loan types that are available to you. Now your broker can help you continue the process and decide which mortgage is right for you. The factors that your mortgage broker will look at include your income, credit score, debt ratio, and what your needs and wants are. Do you have a high income and a good credit score? A conventional loan may be right for you. Are you buying a home outside of city limits? You might consider a USDA loan. No matter your particular situation, a good mortgage broker will match you with the loan that is right for you and saves you money in the long-run. 

Navigating hidden costs

When buying a home, many people don’t realize the extra costs that will be included. Mortgage interest rates tend to fluctuate over the years and vary based on the different loan products available. Your mortgage broker will be able to shop around for you and find the best available interest rate. Your mortgage broker can also help you save money on closing fees. These closing costs can vary based on the lender or title company. With the help of a mortgage broker, you can always be sure that these costs are as low as possible and don’t catch you by surprise. 

Contact Manuel Mortgage Today

At Manuel Mortgage in Cypress, we offer a wide variety of loan and mortgage types for Texas homeowners, so you are sure to find one that is a match for you. Whether you are just starting the process of searching for a home or need to apply for a mortgage today, our expert staff can help. We utilize our expertise every day to match homebuyers with the loans that best fit their unique financial situations. 

If you have questions or would like more information, call Manuel Mortgage today. We can’t wait to hear from you!