Home Mortgage Loans are not all the Same
According to Investopedia.com, a mortgage is: “A debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments.” Beyond that, mortgages or home loans differ widely. At National Home Finance, we are Wilmington NC mortgage specialists. We not only work in this area, but we live here and we are intimately familiar with the real estate and mortgage landscape. We are also licensed in Florida, so we have another team of highly-trained consultants living and working there.
There are many things to consider when you obtain a mortgage, such as:
- Credit score – if your score is low, you may have to consider “bad credit mortgages” or home loan programs that are willing to work with people with lower scores. If your score is high on the other hand, we can help you get the lowest rates and best deals available.
- Length of the loan, such as 20-year or 30-year mortgages – Fewer years and you will have your loan paid off quicker, but your monthly payment will be higher. Most people choose the longest terms because it lowers the monthly payments. This is a personal choice. We can advise you how to pay your loan off earlier, saving you thousands of dollars in interest on your loan, even if you select the 30-year mortgage. Ask your National Home Finance mortgage specialist for more information.
- Debt-to-Income ratio – Most loans require that your debt does not exceed a certain amount of your total income. There are ways we can help and advise you with this, so do not be afraid if you have a high debt load to apply.
- Amount of down payment – If you have ample savings or money from a recent sale to use as a down payment, this will probably not be a problem for you. However, if your funds are limited, we have several home loan programs that offer low or no money down mortgages. Your National Home Finance mortgage specialist will be able to advise you which loans will best fit your needs, even if you don’t have money for a down payment.
- Steady source of income / Verifiable income – If you are self-employed or cannot show tax returns, Profit and Loss statements, we do have a few mortgage loan programs that are more flexible on proof of income. Be sure to let your Wilmington NC mortgage specialist know that this will be an issue for you.
- First-time homebuyer – Everyone has a “first time,” so don’t be intimidated or frightened. Once you’ve discussed all your options with one of our experts, you will quickly become “up to speed” on everything you need to know about Wilmington NC mortgage finance. Our clients are our number one priority and making sure that you understand all of your options is important to us. Even if you have no prior history of homeownership, we can help you secure a home loan.
Get a Yes to Your Mortgage Request
These are just some of the many things you can discuss with your mortgage specialist. Whether you’re in Wilmington, NC, or in Florida, our mortgage consultants are trained to provide expert assistance that will help you get a “yes” to your financing requests. Call today at 800-324-4425 for your free consultation – it won’t cost you a penny and you could be on your way to homeownership in no time!