Top Reasons to Get a Home Loan in 2018
The new year is only a few weeks away and with it comes all the new hopes and dreams along with it. Part of the American Dream is to own a home which can be a challenge for other people if they lack the finances to invest in a home. And it’s not hard to see why – many individuals have spent a third of their lifetime saving up to purchase a home and often sink their life savings into their new real estate. Even people who are prepared to go the extra mile to acquire their own home may still be lacking the resources to get over that last hurdle.
What are Home Loan Options Available?
NHL Lending has a long-standing history of helping people to become first-time homeowners and overcoming that last hurdle of moving into home ownership. Over the years we’ve shown people a better way towards home ownership and helped them to find options that may have been otherwise unavailable to them. We offer the best home rates around to enable people to get on their feet and start moving towards their dream home.
There are several home options available for people to choose from at NHL Lending that is designed to match up with a person’s financial situation. Listed below are a few of the home loans we have to offer and what they do.
Conforming Loans – This type of loan complies with the standards set forth by the industry giants Freddie Mac and Freddie Mac that are comprised of the fixed rate and adjustable rate mortgages. A fixed rate will retain a fixed payment schedule whole adjustable rate as the interest rates and payments are subject to change depending on the market.
VA Loan – The VA Loan is overseen by the Department of Veterans Affairs and is available to people who have been honorably discharged from the armed forces. The loan does not entitle people to a lower interest rate, but it does help to lower the down payment so they don’t have to pay up the typical 20% required by the majority of lenders.
Jumbo Loans – Jumbo loans are another one offered by Nationwide Home Loans that goes over the limit of most other home loans. There are usually limits set forward by lending institutions to control how many borrowers can take out at once to avoid putting them in a financial situation they can’t control. Government-sponsored loans are usually limited too $417,000 while in higher cost areas the limit may jump too $625,000.
Jumbo loans are restricted, but for those who qualify they may be able to borrow a jumbo loan once they’ve gone through the qualification process.
Qualifying for Loans
The other benefit of going to Nationwide Home Loans for your mortgage needs is we take the time to explain the qualifications behind each loan. The requisites for each loan varies depending on which one you’re aiming for but does require paperwork to make sure you qualify. Information that is required is usually credit score, proof of employment, income, and sometimes necessary paperwork is required. This helps to ensure people are able to handle the financial responsibility they’re taking on in the future so they’re not burdened with paying a mortgage that may put them in bad financial straights later on.
Home loans are an excellent choice for people who are looking to own a home but need that extra bit of help to realize their dreams. Here at Nationwide Home Loans, we take the time to walk people through the process so they understand every aspect of the loan they’re applying for too. We understand the how much of a hassle it is to gather all the information and trying to find the best way to manage such a large financial responsibility. Please call us today for more information and one of our friendly representatives will be more than happy to answer any of your questions you have about any of the loans we have available.