A home loan is simply a loan taken out against a property that you own. The property in question could be you house, a shop, or even a non-agricultural piece of land. Home loans are offered by banks and non-banking finance companies. The lender provides you the principal loan amount and charges you an interest on it. You can repay the loan in affordable monthly instalments.
Navigating the financial side of buying a home can feel overwhelming. Wealthviser finance is here to help you make an informed decision when evaluating the various home mortgage loan options.
A conventional mortgage is a home loan that’s not insured by the federal government. There are two types of conventional loans: conforming and non-conforming loans.Apply Now
Jumbo mortgages are conventional types of mortgages that have non-conforming loan limits. This means the home price exceeds federal loan limits.Apply Now
The U.S. government isn’t a mortgage lender, but it does play a role in helping more Americans become homeowners. Three government agencies back mortgages: the Federal Housing Administration (FHA loans), the U.S. Department of Agriculture (USDA loans) and the U.S. Department of Veterans Affairs (VA loans).Apply Now
Fixed-rate mortgages keep the same interest rate over the life of your loan, which means your monthly mortgage payment always stays the same. Fixed loans typically come in terms of 15 years, 20 years or 30 years.Apply Now
Unlike the stability of fixed-rate loans, adjustable-rate mortgages (ARMs) have fluctuating interest rates that can go up or down with market conditions. Many ARM products have a fixed interest rate for a few years before the loan changes to a variable interest rate for the remainder of the term.Apply Now
You could qualify for first-time homebuyer benefits even if you’ve owned a home before. There are several programs and benefits that could include low down payment options, down payment assistance, local or state grants and more.
Depending on your home-ownership goals, we have a lot of great mortgage loan options for first-time buyers. Just to name a few, conventional loans can be ideal if you've been saving for a while and have a strong credit score.
You don’t need perfect credit to qualify for a mortgage loan, but your credit score is definitely one factor that lenders consider.