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Let Us Guide You Through the Mortgage Loan Process and Options
Home Goal Lending will help guide you through the mortgage loan process to ensure you get a secure choice with the most benefits. With many different loan options available on the market, deciding which one best fits your needs can be challenging. We explain each type of loan package below, helping you make an educated decision about your future. You may qualify for one or more of the following options, depending on your circumstances. Let’s work together to find the right loan for you.
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Conventional Loans
Conventional loans are mortgage loans that aren't backed by the government. They may require a higher credit score and a larger down payment, but they offer competitive interest rates, flexible terms, and lower mortgage insurance for borrowers.
The Benefits of Conventional Loans
- Lower interest rates for borrowers with excellent credit
- More options for property types and loan amounts
- Shorter loan terms and adjustable-rate options
- Easier qualification for borrowers who can afford a larger down payment
FHA Loans
FHA loans are mortgage loans that the Federal Housing Administration insures. They can accommodate a lower credit score and down payment, but they also require mortgage insurance premiums and may have stricter property requirements.
The Benefits of FHA Loans
- Lower down payment requirements and closing costs
- Easier qualification for borrowers with limited credit history or lower incomes
- More flexibility for non-traditional credit sources and gift funds
- Streamline refinancing options for existing FHA loans
Downpayment Assistance
Downpayment assistance programs are grants or loans offered by government agencies, non-profit organizations, or private companies to help eligible homebuyers cover the upfront costs of buying a home, such as the down payment, closing costs, or prepaid expenses.
The Benefits of Downpayment Assistance
- Access to affordable homeownership for low-to-moderate-income households
- Reduced financial burden for first-time homebuyers
- Increased buying power and home equity
- Potential tax benefits for eligible borrowers
Bank Statement Loans
Bank statement loans are mortgage loans that use the borrower's bank statements to verify their income instead of traditional income documentation. They may require a higher credit score, a larger down payment, or a higher interest rate.
The Benefits of Bank Statement Loans
- Flexible qualification criteria for self-employed or non-traditional income sources
- Higher loan amounts and cash reserves allowed
- Faster approval and funding process
- Potential tax deductions for business-related expenses
ITIN Loans
ITIN loans are mortgage loans that allow borrowers with Individual Taxpayer Identification Numbers instead of Social Security numbers to qualify for a mortgage and may require a a higher interest rate and a larger down payment.
The Benefits of ITIN Loans
- Access to homeownership for foreign nationals, non-resident aliens, or undocumented immigrants
- Potential credit building and increased financial stability
- Flexible qualification criteria for borrowers without a credit history
- Potential tax benefits for eligible borrowers
HELOCs or Home Equity Lines of Credit
HELOCs, or Home Equity Lines of Credit, are revolving lines of credit that allow homeowners to borrow against their home equity for various purposes, such as home improvements, debt consolidation, or emergency expenses. They may require a higher interest rate or credit score.
The Benefits of HELOCs or Home Equity Lines of Credit
- Flexible and convenient access to funding
- Potential tax benefits for eligible borrowers
- Lower interest rates compared to credit cards or personal loans
- Potential to use your home’s equity
Tax Statement Loans
Tax statement loans are mortgage loans that use the borrower's income tax returns to verify their income instead of traditional income documentation. They may require a higher interest rate or a larger down payment.
The Benefits of Tax Statement Loans
- Flexible qualification criteria for self-employed or commission-based income source
- Higher loan amounts and cash reserves allowed
- Faster approval and funding process
- Potential tax deductions for business-related expenses
Keylock Loans
Keylock loans are mortgage loans that allow borrowers to lock in a low interest rate for a specific period, typically between 30 and 180 days, while they shop for a home and may require a higher credit score or a larger down payment.
The Benefits of Keylock Loans
- Protection against interest rate fluctuations
- Potential savings on interest payments if rates increase
- Flexibility to shop for a home without worrying about rate changes
- Potential refund of the lock fee if the loan is closed with the lender
Cash-Out Refinance Loans
Cash-out refinance loans are mortgage loans that allow homeowners to refinance their existing mortgage for a larger loan amount and receive the difference as cash. This cash can be used for a variety of purposes, such as home improvements, debt consolidation, or investment opportunities.
The Benefits of Cash-Out Refinance Loans
- Potential access to a larger amount of cash than other loan options
- Potential tax benefits for eligible borrowers
- Potential lower interest rates compared to other types of loans
- Potential to use your home’s equity
Rate and Term Refinance Loans
Rate and term refinance loans allow homeowners to refinance their existing mortgages for a lower interest rate or a shorter or longer loan term, which can result in lower monthly payments, lower interest costs, or faster equity accumulation.
The Benefits of Rate and Term Refinance Loans
- Potential savings on interest payments over the life of the loan
- Potential reduction of the loan term and the total amount of interest paid
- Potential flexibility to switch from an adjustable-rate loan to a fixed-rate loan or vice versa
For more information about our mortgage loans or to schedule a free consultation, call Flor Ornelas today at 917-676-7132.