Blogging REALTOR say what?? Shopping for a loan? Come on man, I already picked a lender. Indeed you have (or are at least still weighing your options with multiple)...but really, it helps if you educate yourself. Know how many types of loans there are out there? Like a zillion!
Hey listen, I'm no mortgage expert. If I was, I'd be doing a mortgage & more type of blog. I'm an expert at marketing properties, negotiating, etc. That's why I surround myself with excellent professionals for those things. However, YOU are the one getting the mortgage. YOU are the one (presumably) making the monthly or bi-monthly payments on your house (did you know you can do that- you can). YOU are the one stuck re-financing if you didn't do it right....I'm here to help- but don't be afraid to get your hands a little dirty too.
There's a lot of loans out there and I'm not going to go into a TON of detail here about them (but I will link to proper authorities and came back for more details in the future)....
FHA Loans- helping buyers in one form or another since 1934
- Low down payments 3%
- Low closing costs
- More relaxed credit score needed
USDA Loans, including rural housing- GREAT loans for my market area. Check if a house qualifies right HERE. There are income restrictions- but this is a phenomenal loan program.
VA Loans- I probably should have spent Tuesday's post on this....oh well. If you're a Vet and desiring to purchase a home, this is something you may want to check into. It's a little tougher to get into with more paperwork, but it's good help for those that served.
There's a number of jumbo, adjustable rate, balloon and other types of loan programs (though I'm not sure how much they're being used nowadays) but many people will fall under a fixed-rate or conventional loan. It is still very much suggested that you find out everything you can about the loan to make sure it's the one that fits you best!
The next step is.....that's right, picking the right guy, gal or team to be you REALTOR(s):
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