Find Yourself at Home with the best Home Loan Rates in Coral Springs
While an apartment is a great thing, there is certainly something to be said for owning your own home whether you buy it outright with cash, or use the services of a loan institution to get you on your feet, at least for the time being. The problem with buying a home is that most people simply cannot afford to put the money down for a house. After all, most people don’t have funds in excess of two hundred thousand dollars lying about, not in this economy anyway. That being said, it becomes more and more important for you, as a potential homeowners to seek out Coral Springs home loans. You are at a time in your life where you want to settle down – to become a new person, perhaps even start a family. You want to leave your old life behind and forge a new one based on your children and your marriage. There is no reason that financial barriers should stand in your way. So, let’s take a look at some of the home loans you might be entitled to.
Understanding Home Loans in Coral Springs
Getting financing for your home with the best home loan rates in Coral Springs does not need to be difficult, but you do need to understand it before you jump in. First of all, when you are looking to purchase a home, you will need to speaking a lender, and the lender will always require that you submit a down payment, unless you qualify for a VA loan which we will get to momentarily. The down payment, of course, is simply intended to ensure your commitment to the repayment of the loan and in most cases, it will be roughly 20% of the purchase cost. Let’s talk a bit about the different types of Coral Springs home loans that you can obtain from us.
A conforming loan is one that complies with the typical standards set forth by industry giants Freddie Mac and Freddie Mac, and they are comprised of the following:
Fixed Rate Mortgage – This type of loan retains a fixed payment schedule throughout its life. Of course, your monthly escrow account payment could vary from year to year due to changes in both insurance and tax rates, but the base cost will always remain the same. This type of loan comes in three varieties. The first is the 30 year fixed rate mortgage, and then the 15 year fixed rate mortgage.
Adjustable Rate Mortgage – This type of conforming loan is a bit different as the interest rate and payments are subject to change depending on the market. It is recommended that you only take out an ARM for a specific reason as a fixed rate mortgage can always be refinanced if you later find that the market has changed to become more favorable to you.
VA loans are those approved by the department of Veterans Affairs and are available to those who have been honorably discharged from the armed services. This type of loan will not only entitle you to a lower interest rate, but also a lower down payment, far below the 20% required by most lenders.
There is a certain limit, even on the best home loan rates in Coral Springs set forth by the major lending institutions. The limit for government sponsored loans is roughly $417,000, though in higher cost areas this limit can jump up to $625,000. Any loans that reach higher than this are referred to as jumbo loans. These were once restricted, but thanks to the ever heightening cost of housing in the United States, they can be available to nearly everyone so long as they have a good reason for obtaining it. Some houses, small houses, for example, can cost upwards of one million dollars, which is obviously not fully covered under the standard $417,000 loan.
These are a few of the most common types of loans in the industry, and as a premier provider of the best home loan rates in Coral Springs, FL we strive to get you the best deal. In addition to that, we make it our business to ensure that you get the home you and your family deserve. To put it simply, you are looking for a place where the rest of your life can unfold, and we fully understand that. We completely understand that you need a place for your family, your livelihood, and everything else to thrive. The last thing you want to worry about is financing, and in that aspect, we have both you and your family covered.