Purchase Loans
A purchase loan is designed to help individuals or families finance the purchase of a new home.
Loans Products:
These are traditional mortgage loans not insured or guaranteed by a government agency. They typically require a higher credit score and a larger down payment compared to government-backed loans.
Refinancing Loans
Homeowners may choose to refinance their loan for various reasons, such as obtaining a lower interest rate, changing the loan term, or accessing the equity in their home.
Loans Products:
This type of refinance loan allows you to change the interest rate or term of your mortgage. It is typically done to secure a lower interest rate, reduce monthly payments, or adjust the loan term.
Learn The
Mortgage Basics
Loan Application
To obtain a mortgage purchase loan, borrowers must complete a loan application, providing information about their financial situation, employment history, creditworthiness, and details about the property they intend to purchase.
Down Payment
Most mortgage purchase loans require borrowers to make a down payment, which is a percentage of the property’s purchase price paid upfront. The down payment amount varies depending on factors such as the loan program, lender requirements, and borrower qualifications. Common down payment percentages range from 3% to 20% of the purchase price.
Loan Terms
Mortgage purchase loans have specific terms, including the loan amount, interest rate, repayment period, and monthly payment. The loan term can vary, but common options include 15-year and 30-year loans.
Interest Rates
The interest rate on a mortgage purchase loan determines the cost of borrowing money. Interest rates can be fixed (remaining the same throughout the loan term) or adjustable (subject to change over time based on market conditions).
Loan Types
Mortgage purchase loans come in various types, including conventional loans, FHA loans, VA loans, USDA loans, and jumbo loans. Each loan type has its own eligibility criteria, down payment requirements, and terms.
Closing Costs
When purchasing a property with a mortgage loan, borrowers typically incur closing costs, which are fees associated with the loan transaction. Closing costs may include appraisal fees, title fees, loan origination fees, and other charges. These costs are usually paid at the loan closing.
From our Clients
Why US?
the Professional Advantage
Expertise and Experience
Our professionals have 10+ years of industry experience, ensuring you receive knowledgeable guidance throughout the lending process.
Personalized Approach
We understand your unique situation and tailor our solutions to meet your specific needs, providing customized advice and loan options.
Competitive Rates
& Terms
Enjoy competitive interest rates and favorable loan terms, saving you money over the life of your loan.
Comprehensive Loan Products
From first-time homebuyers to refinancing and real estate investments, our wide range of loan products has you covered.
Why work with us?
Expertise
Our professionals have 10+ years of industry experience, ensuring you receive knowledgeable guidance throughout the lending process.
Personalized Approach
We understand your unique situation and tailor our solutions to meet your specific needs, providing customized advice and loan options.
Comprehensive Loan Products
From first-time homebuyers to refinancing and real estate investments, our wide range of loan products has you covered.
Competitive Rates and Terms
Enjoy competitive interest rates and favorable loan terms, saving you money over the life of your loan.
Streamlined Process
Our user-friendly digital tools simplify the application process, allowing you to submit documents securely and track progress in real-time.
