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Coconut Creek Mortgage Broker – Pre Approvals, Refinances & Purchases
Mortgage brokers are essential a middle man between you, the borrower, and the mortgage lender or band. They work with both parties directly in order to help ensure borrowers qualify for the mortgage, no matter if it is a new purchase, pre-approval or refinance.
Working with a Coconut Creek mortgage broker is fairly simple and once they agree to work with you, they will begin to gather important information, such as employment documentation, assets, income and your credit report. All of this information is necessary in order to assess the ability for you to receive the financing you need. After gathering this initial information they will determine what mortgage product works best for you. For example, there are special considerations for first time borrowers, veterans and a number of other considerations. Mortgage brokers take the guesswork out of getting the best financing for your particular situation.
FHA Loans & First Time Home Buyers
The Federal Housing Administration or FHA, which is a part of HUD has been assisting first time homeowners since 1934 get the necessary financing to purchase a home. This is done by FHA insuring the loan, which will allow the lender to offer a much better deal. What does this mean for you?
- A lower down payment
- Lower closing costs.
- Qualifying is easy.
When you are purchasing your first home, FHA may be just what you are looking for. The down payment can be just 3.5 percent of the total purchase property. The mortgage broker you work with will help you determine if you qualify for an FHA backed mortgage.
VA Loan Mortgage Broker
A VA loan is a type of home loan for those who have served or are presently serving in the United States military. Even though the Department of Veterans Affairs (VA) is not a place to receive a loan, the VA will back the loans made by a private lender, such as mortgage companies, savings and loans and banks, for any veteran who qualifies. Any Coconut Creek mortgage broker can help you in obtaining this type of loan.
Only certain people qualify for these loans, which include:
- Veterans of the military
- Those actively serving in the military
- National Guard and reservists members
- A few surviving spouses
There are a number of benefits offered by a VA loan including the fact that there is no down payment required, the interest rate is negotiable, closing costs are low, avoid mortgage insurance premiums, right to pay ahead of time without a penalty and assistance from the VA.
Reverse Mortgage Loans
Reverse mortgage loans are ones that are available to homeowners who are over the age of 62 that allows them the ability to covert a portion of the equity presently in their home to cash. The product was initially developed to help retirees who had a limited income so they could access the accumulated wealth in their homes in order to cover the monthly living expenses and to help pay for their health care coverage. However, when a reverse mortgage loan is received, there is no restriction to help the proceeds are able to be used. The loan is referred to as a reverse mortgage loan due to the fact that the traditional payback stream being reversed. Rather than making a monthly payment to your lender, the lender will be making payments to the homeowner.
The loan also does not have to be paid back until the home is either vacated or sold. If you live in the home, you are also not required to continue making monthly payments to the loan balance, but have to stay current on any taxes and insurance you pay.
Conventional Mortgage Broker
The conventional mortgage loan refers to any type of mortgage loan that is not guaranteed or insured by the federal government. These can be both adjustable rate or fixed mortgages, which includes the hybrid ARMs. These loans may also be non-conforming or conforming. Finding a conventional mortgage broker is necessary if you would like to take out this type of mortgage loan.
Jumbo Loan Mortgages
If you are thinking about purchasing a bigger and more luxurious home, then a jumbo mortgage may be the right option for you. Jumbo mortgages are a type of home loan that have an amount that exceeds the conforming limits that have been imposed by Freddie Mac and Fannie Mae. For most parts of the U.S. this limit is $417,000, but can go up to $625,000 for areas with a higher cost of living.
These loans are used for those looking to purchase a larger, single family home. Even though the underwriting process for the jumbo mortgage is similar to that of a conforming mortgage, the actual requirements are different, which is why it is important to work with a mortgage broker who understands the process of acquiring this type of loan.
When you are purchasing a home, no matter if it is the first one, or fifth, working with a Coconut Creek mortgage broker from Nationwide is a smart option. With over 100 five star reviews features on Zillow, our brokers understand how the mortgage process works and can provide you with the very best options for your home purchase needs. This will help you easily become a homeowner and ensure that you get the right type of mortgage for your particular needs. Working on this process on your own can leave you confused and frustrated, which is why you should trust a professional in the field.