When you’re shopping for a new home, one of your most important decisions will be what kind of mortgage to take out to finance your home. Your mortgage type will be the top factor that influences how much you can borrow(and thus what kind and size of home you purchase), as well as your monthly budget moving forward. For a variety of reasons, an adjustable-rate mortgage (ARM) can be an appealing choice in the short term, but it can seem scary as well. However, it’s important to understand how ARMs work, since this type of loan has repayment terms that may become less desirable over time.
Self-employed life can be a major win for the modern go-getter, someone who values creativity, flexibility, and that extra degree of control. But, while being your own boss can come with plenty of benefits, it may throw up a few extra hurdles for those looking to buy a home. But don’t give up hope! A self-starter knows that a solution always exists, and that rule still applies when it comes to securing the finances for a house. The team at The Home Loan Expert has compiled some of the key details of a bank statement mortgage, a loan that can be the perfect solution for the self-employed. Read on to see if this type of mortgage might be the solution you need.
Have you been wanting to make repairs or renovations to your home, but had difficulty finding the funds? Fortunately, there are great options available that don’t involve taking out additional mortgages, personal loans, or credit cards. A cash-out refinance, for instance, helps homeowners access the funds they’ve already paid into their home loan to cover major upgrades, serious renovations, or even a dream vacation. If you’re considering a cash-out refinance, The Home Loan Expert can help you determine if it’s the best option for you and walk you through the entire process.
When buying a home, borrowers have a lot of options for securing financing. There are so many different types of loans, and each serves a specific purpose. This means that when you’re looking for a home loan, you should always do research on what kind of loan is best for your unique needs and financial situation. One of the most commonly utilized and most popular loan options that you’ll likely come across in your search is the conventional loan. Conventional loans are mortgage loans that aren’t insured or guaranteed by the federal government. These are a great choice for homeowners, since they offer lower costs than many other popular loan types. We offer competitive rates for both fixed and adjustable loans, with terms ranging from five to thirty years.
Homeowners who have built a few years’ equity into their homes may be able to take advantage of this valuable asset by putting it to work. Did you know you can refinance and use your built-up equity to pay off consumer debts like credit cards, non-mortgage loans, and other bills? It’s true!
The home buying process can be overwhelming and stressful, especially if you’re buying your first home (or if your financial circumstances make it more difficult to get an affordable loan). For many home buyers, getting a loan insured by the Federal Housing Administration (FHA) can be extremely helpful in not only securing the necessary financing to buy but also achieving the dream of owning a home (even while facing tough financial situations). FHA loans allow lenders to make home buyers better deals, resulting in lower down payments, lower closing costs, and easier credit qualifying. Here, we’ll go over the ins and outs of FHA loans, including what they are, who qualifies, and what the process of securing one looks like.
At The Home Loan Expert, we appreciate the hard work and sacrifices of our first responders. Firefighters, police officers, emergency medical personnel, nurses and more do whatever it takes to help the people who need them. They work difficult, heroic jobs that often require putting others’ health and safety over their own, working grueling hours, and accepting modest pay. Whether it’s running into a building on fire, walking into a potentially life-threatening situation, or working long hours in a hospital ward with little relief, first responders provide a net of support for everyone, sometimes at their worst or weakest moments.
Fixed-rate mortgages—also called “conventional mortgages”—are basically the bread and butter of the mortgage industry. And that’s because this loan type is still the most reliable way to finance your home, offering affordability, flexibility, and so much more. As their name suggests, fixed rate loans have the same rate throughout the entire term of the loan. So even if interest rates rise while you’re paying off your loan, your rate and payment amount are locked in for the entire loan term. That’s why fixed-rate mortgages are so popular–they offer protections that ARMs can’t.
Life moves fast, and whether it feels that way or not, the same holds true of the home buying process. In some cases, you may find your dream home in the midst of a financial nightmare—but even if you need to purchase the home quickly and are struggling to do so with your own finances, you’ve got options.If, for one reason or another, you find yourself experiencing hiccups in the lending process, a home purchase loan can help you close on time with a bit of help from the seller.
When buying a home, there are many factors that go into determining which kind of loan you’ll need. One of the most important determining factors for home loans is the cost of the property you’ll be purchasing. If you’re in the market for homes that have high mortgage amounts, such as very large houses or properties in high-cost areas, jumbo home loans are definitely something you’ll want to be familiar with.
Embarking on the journey to homeownership can be challenging, particularly if you have an uncommon financial situation. For borrowers who have non-standard income documentation, a no-income verification loan is a helpful tool to get approved.
A rate-and-term refinance, also known as a no cash-out refinance, allows you to change your mortgage’s interest rate and loan terms without changing the principal balance. Basically, it’s a loan improvement—you’ll be trading your current mortgage for a better one. With a rate-and-term refinance, The Home Loan Expert team can help homeowners who are looking to pay off their house early, and are a great way to take advantage of lower mortgage rates. Here, we’ll take a look at why this refinancing option can be a smart choice for eligible homeowners.
The refinance process is pretty simple. Essentially, refinancing means taking one mortgage and swapping it out for another that better fits your needs. There are several common reasons to refinance a mortgage, such as to tap into your home’s equity, get a lower payment, or change your mortgage term. Let The Home Loan Expert team show you how refinancing a mortgage could put you in a better position financially as a homeowner.
The Home Loan Expert is grateful for the terrific work that teachers do in shaping the minds of the next generation. Being an education professional means working hard and not always receiving the credit you deserve.
Union members are the backbone of the American work force and deserve a home loan that’s tailored to them. That’s why we created The Union Loan, only available at The Home Loan Expert! If you’re one of the more than 14 million trade union workers in the U.S., when you close a loan–purchase or refinance–with The Home Loan Expert, you’ll get a $500 gift card on us. That’s how we say thank you to you!
While our offices are located in the heart of the cities that we serve, we also specialize in rural and agricultural markets—meaning we’re experts at handling USDA Loans. United States Department of Agriculture (USDA) Loans are an excellent, affordable option created just for people in small towns and rural communities. If you’re a would-be homeowner in a rural area, a USDA loan can be a great way for you to qualify for a mortgage that might otherwise be out of your reach! While there’s some straightforward,strict criteria regarding who can receive a USDA loan, don’t assume you are ineligible without checking–one of these loans can have a very positive impact on your home search.
In recognition of their invaluable service, the U.S. Department of Veterans Affairs specifically designed the VA loan program to support active-duty service members and veterans in becoming homeowners. These loans—such as the Hero Loan offered by The Home Loan Expert—are provided by private mortgage lenders, with a portion of the loans guaranteed by the federal government. There are a myriad of benefits available to veterans through the VA loan program that are worth considering, compared to other types of loans.
Down payments are daunting…so we got rid of them. At The Home Loan Expert, you can buy a home with no down payment with our Zero Dollar Down Loan! This new loan program is changing the game—and it’s making homeownership more accessible than ever before.
Contact our Experts anytime send us an email, or give us a call.
Closing can be done fully in-person, or partially in-person and mostly online. However, fully-online closings are coming very soon!
Some loan programs will always need an escrow account for taxes, insurance and flood insurance. FHA, VA, and USDA loans will always require this. Conventional loans, however, have the option to not escrow taxes and insurance for many borrowers.
Flood insurance (when required) always has to be included in an escrow account.
To find out the escrow requirements for your loan, ask your Home Loan Expert.
Every situation and every loan is different, so closing times are variable. On average, the closing process usually takes our Experts around 30 days—that’s way faster than the 53-day* industry average.
However, we can certainly close faster than that in most situations. With our 21 in ’21 Guarantee, if we can’t close your loan in 21 days or less, you’ll receive $1,000—on us. Ask your Home Loan Expert about your specific scenario.
Yes. Gifts may be used for down payments, closing costs, and even cash reserves in some situations. The requirements for using gifts as a down payment can vary among our different loan programs. For details and requirements on your specific loan, contact our Experts.
The Home Loan Expert offers several low down payment options.
The amount you can take out from your home during a cash-out refinance will depend on the type of home loan you have.
For most conventional and FHA loans, the maximum amount is 80% of your home’s value. So if your home is worth $200,000 you could borrow up to $160,000 total (including paying off your current mortgage(s). With our Hero Loan (VA loan) options, we can cash out up to 100% of your home’s value.
Yes! We offer a variety of down payment assistance programs at both the state and national level. To learn more, contact our team.
When you pay off a current mortgage, you will get a refund of anything that has accumulated in your escrow account (if applicable), minus any tax or insurance payments that are due.
Private mortgage insurance (PMI) or mortgage insurance premiums (MIP) (used for FHA Loans) insures your loan against potential default.
This insurance is required for borrowers who are putting less than 20% down for their down payment. PMI (or MIP) allows borrowers to take advantage of low, competitive rates even without a 20% down payment.
The documentation required for a loan pre-approval may vary, depending on your employment, income, and financial history. Typically, we require borrowers to submit income and employment documentation (30 days’ worth of consecutive paystubs), your most recent two years of W-2s, and 1-2 months’ worth of recent bank statements.
For self-employed borrowers, we will also need your tax returns (including schedules), and we may need to see your business tax returns as well.
Our Home Loan Experts can help explain all of the documentation we’ll need for your unique loan (and why we need it). To get started, visit our streamlined 5-Minute Loan Approval.