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 potential homeowner 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 speak to a lender, and that 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.
Nationwide Home Loans prides itself as being a one-stop shop for all your mortgage needs. We offer a wide range of mortgage assistance programs. We believe that everyone should have access to affordable housing and it is our goal to make sure our clients never miss an opportunity to do so. Our trained and knowledgeable group of Lending Agents are well versed in the pre-qualifying process and every step along the way through purchase and closing. By offering many different types of mortgage loans, our clients can be assured that every effort has been made to find the one loan that fits their needs.
We offer the following mortgage loan types:
Conforming Loans – These are conventional loans which follow the guidelines, limits and funding criteria set by Fannie Mae and Freddie Mac. The types of Conforming Loans are,
- Fixed-Rate Mortgage
- 30 Year Fixed Rate Mortgage
- 15 Year Fixed Rate Mortgage
- Adjustable Rate Mortgages (ARM)
- Conforming 5/1 ARM
FHA Loans – Put in place by the Federal Housing Administration in 1934, it assists lower to middle-income Americans to become homeowners and help boost the housing market. Without it, many would not have access to or qualify for affordable housing.
Jumbo Loans – This type of mortgage loan has amounts that exceed conforming loan limits imposed by Fannie Mae and Freddie Mac. This limit is $453,100 in the majority of the United States, but in the highest-cost areas, this limit is $625,500. Because it is higher than a standard loan, it carries a higher interest rate.
Reverse Mortgage Loans – Created for senior homeowners, this low-interest loan uses the home’s equity as collateral. This loan does not have to be repaid until the last surviving homeowner permanently moves out of the property or passes away. The estate is given 12 months to repay the balance or sell the home to pay off the balance.
Veterans Affairs Loans – This is one of the most powerful loan programs available on the market for service members, veterans and military families. To receive a VA Loan, a service member must first obtain a Certificate of Eligibility. These loans are government backed and provide advantages of homeownership to those that struggle for financing. These advantages are,
- No down payment needed
- Avoid private mortgage insurance
- Competitive interest rates
Each of these mortgage loans is available through Nationwide Home Loans. You can call our office at 888-995-6624. Contact us today so that we can help you start your journey to home ownership.