Finance
One of the first steps to buying a home is getting pre-approved with a lender. It is also a good idea to use a local lender that is familiar with local lending guidelines as well as loan programs you may be able to take advantage of. Take the steps necessary to get a letter from the lender stating you are "pre-approved" for a loan in a specific price range. It's important to have this letter before you make a contract offer to buy real estate. Once you're pre-approved, you know what price range of homes you should be looking at.
An example of loan programs that may be available to you are ZERO down financing through USDA rural housing loans or down payment assistance loans*. There are also many other great loan options such as Conventional, 3.5% down FHA or ZERO down VA financing (buyer must meet VA guidelines). Plus, there may be individual city grant/loan assistance options as well. Visit my preferred lenders website today to get pre-approved and find out about all of the unique lending opportunities available to you!
Contact Chris Kohler of Alpine Mortgage Planning today!
www.alpinemc.com/chriskohler
ckohler@alpinemc.com
916-847-5912
For more information on both loan programs click below:
USDA Loan Program
You can use this page to calculate what your mortgage payment will be, search for homes, as well as request a loan pre-approval.*
*USDA rural housing loans have income limits and property must be in a pre-determined rural area. Loan pre-approval request will be sent to Chris Kohler of Alpine Mortgage Planning. MLO #: 275118
Adjustable - An Adjustable Rate Mortgage, or ARM, is a type of mortgage in which the interest rate is adjusted up or down, in accordance with current interest rate levels. The interest rates are tied to an economic index outside of your banks control, such as the Treasury bill rate. Your monthly principal and interest payment will fluctuate with these rate changes. Initially payments will be less than with a fixed mortgage, making this type of mortgage attractive to short-term buyers. Note: Inquire on the "cap", or maximum interest level your mortgage can reach, since it is possible for rates to raise significantly during the term of your mortgage.
Fixed - A fixed rate mortgage, on the other hand, uses both a fixed term (length of time) and fixed interest rate. At the start of the mortgage the rate and term are determined, and as a result the monthly amount for principal and interest payments remain constant for the duration of the mortgage. Fixed rate loans are more attractive to home buyers who plan on spending a long time in their home, or expect no major change in income.
Assumable - Sometimes homebuyers can find a loan which is "assumable." With an assumable loan, the current sellers lender is willing to transfer the existing loan to you, either at the previous interest rate or the current interest rate. Assumable loans are attractive to buyers because they usually require less paper work and less time.
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