When it comes to finding a home to buy, there is a simple process that makes the entire process more streamlined and enjoyable for all buyers. Whether you are a young couple purchasing your very first home or an older couple purchasing your seventh home, the process is made easier when you follow some simple steps. The first is to check your credit report for any errors. If there are errors, it’s time to have them fixed to raise your score so you qualify for the lowest interest rates being offered. The second is to find a bank with whom to work so you can become prequalified for a loan.
The preapproval process is essential for almost every buyer in the country. It’s how you know how much house you can afford. This helps you stick to a budget and avoid falling in love with homes outside your price point only to find out when you make an offer that you can’t afford that home. Preapproval also provides buyers with a competitive edge. When you fall in love with a home and make an offer only to find out there are multiple offers on the table, you want the edge. When sellers see you have a prequalification, it tells them you’re serious and your deal will work out faster and more positively than one in which someone who doesn’t have a preapproval. If you haven’t checked out the many loan options with Carrington Mortgage Services, here’s a quick review for your records.
Types of Loans Available
Carrington Mortgage Services works exclusively to provide buyers with comprehensive loan offers to buy a new home. The rates are competitive, and the company only works on mortgages. This means you’re not working with people who have other banking commitments to carry out while they work on your loan, so your service is more personal and it’s faster.
The different types of loans available are often confusing even for veteran buyers, and that’s all right. Your job is to listen to your loan officer to find out which loan works well with your finances. Carrington loan officers want you to save money and get the most house for your dollar. This means choosing the right loan by understanding what each one means.
Carrington works with anyone looking to buy a new home. Buyers who don’t have a standard 20% down payment can apply for loans through the FHA, USDA, and/or down payment assistance programs. These loans help buyers who might live beneath the financial averages and aren’t able to put money down. There are conventional loans for those who can, and there are VA loans for the men and women who do or have served in the armed forces. Even homes with large price tags have their own special mortgage loans.
Rates and Terms
Carrington Mortgage Services offer competitive rates. These rates change daily with the national average, but you can lock in a rate for 60 days with a preapproval. The other factors associated with the rate you pay have everything to do with your credit. Your score is going to determine your interest rate.
Don’t make the mistake of assuming you must use a big bank to finance your next home. With so many smaller lending services available to you, there are options you might not yet know. Shop around, find the best rates, and look at the overall terms of your loan and the people you’re working with before you sign on the dotted line.