Are you interested in applying for a mortgage but worried about the procedure?
First-time mortgage applicants may feel intimidated, but the process has never been simpler. Especially if you are using a mortgage lender in Redondo Beach, CA, millions of people successfully apply for and get mortgages each year.
As a trusted mortgage lender in Redondo Beach, CA, today at Midgate Mortgage, we will talk about some reasons why you should be fine with the mortgage application process and some advice to get you going.
Online resources include applications and information.
The internet is a fantastic resource for details on the mortgage application procedure. New mortgage marketplaces enable you to rapidly apply online and review mortgage and rate options in addition to helpful “how to” sites that outline each step of the application process, eliminating the need for you to ever speak with an advisor. In the past, new homeowners relied on experts’ advice regarding which lenders offered specific rates; today, you can easily do your online research and compare lenders. Even though you will ultimately need to work with a pro to complete the application, reading through these materials in advance can make you feel more prepared when you start the in-person consultation process.
Experts are available to help every step of the way.
To ensure you have all the necessary details to make an informed decision, you should schedule a one-on-one meeting with a professional once you are familiar with the type of mortgage you want and what rates and lender options are available to you.
You can schedule these meetings online on some mortgage marketplace websites, and some of them even provide bilingual support! While applying for and being approved for a mortgage is simpler than ever, having a professional on hand for questions and concerns can help the process go even more smoothly.
To make your home-buying experience unforgettable, call 310-791-0854 and speak today to a mortgage lender in Redondo Beach, CA! A Midgate Mortgage team member is ready to help you.
There are a greater number of lending options available than ever before.
When it comes to choosing a lender, you have several options, such as traditional banks, credit unions, and non-bank lenders. The best option for you is determined by several factors, including your creditworthiness and whether or not you are a first-time buyer. You can start by visiting an online mortgage marketplace to learn more about your options. These sites will connect you with potential lenders and rates for which you are legible after you enter preliminary information and run a credit check.
Several lending assistance programs might be helpful if you’re a first-time home buyer and are concerned about getting approved for a mortgage. Consult your advisor for information on lenders collaborating with government organizations to provide educational resources, lower mortgage rates, and assistance with the down payment. These initiatives are specifically made to lower the cost of mortgages for first-time homebuyers. Some programs also offer affordable rates for veterans, people who have large student loans, or those who work in government. Some lenders will let you combine these benefits if you are eligible for more than one to ensure you can afford your first home!
FHA loans can contribute to a home’s affordability.
One of the most widespread misconceptions about obtaining a mortgage is that a down payment of 20% of the home’s purchase price is required. This is rarely necessary these days! You can obtain a mortgage with a down payment of only 5% if you have respectable credit (even if the entire amount is gifted from a close family member). Nearly 90% of homebuyers chose to finance the purchase, and the median down payment for first-time homebuyers was 5%, according to a NAR survey of more than 8,000 homebuyers.
You can obtain a mortgage with an FHA loan (offered by the Federal Housing Administration) and only put down 3.5%. If you want an FHA loan, call 310-791-0854 and speak to an experienced mortgage lender in Redondo Beach, CA. Today.
Purchasing a home is a wise investment.
There has never been a better time to consider investing in a home as rents nationwide become increasingly unaffordable. Depending on the location of your residence, monthly mortgage payments are frequently significantly less than those of the average renter. Additionally, paying rent regularly is just giving your landlord money. When considering tax benefits and resale value, monthly mortgage payments symbolize much more worthwhile future investments.
Ready to become a homeowner? Midgate Mortgage is ready to help you make that dream come true.