The goal of many individuals and families who are just starting out is to eventually buy a new home. A home will typically be purchased by obtaining a mortgage. There are many lenders available who offer mortgage options for borrowers. The main thing to consider is to choose a lender with a good reputation.
First Time Home Buyers
Buying a home is a big step and first time home buyers may not know the best place to start. Normally a potential home buyer will need to discuss their options with a mortgage lender. This step is crucial to the process as a borrower needs to see if they will pre-qualify for a mortgage loan. The loan officers at Sun Mortgage Funding are knowledgeable about the many loan options that are available. A letter will be given to a borrower that states the amount they qualify to receive. They can then use the letter when out looking at home. The benefit of pre-qualifying is that a borrower will know what they can afford to pay for a home.
Refinancing An Existing Mortgage
Obtaining a new home loan is a process called refinancing. This is typically done when a borrower has an existing loan with unfavorable interest rates. The mortgage refinance process is similar to that of an initial mortgage loan, but with a few different steps. Refinancing is the process of replacing the current mortgage on a property with a new one. The first step in the refinancing process is to determine if rates on current mortgages are more favorable than those on an existing mortgage. The benefit of refinancing a mortgage is to reduce interest rates and lower monthly payments.
New Home Purchase
Purchasing a new home often means obtaining property funding. A borrower may have trouble using a bank or mortgage broker is their credit history is poor. Mortgage lenders will offer a rate that is the best option for a borrower based on their current situation or circumstance. The loan officers of the company are experts at obtaining a first or second mortgage for a borrower.
This is a type of home equity loan that is taken out by a homeowner when they want to make a change to their home. Many homeowners in Vernon LA obtain a renovation loan to remodel a bathroom or kitchen. Renovations made to a home have the benefit of increasing its value. A homeowner has an easier time obtaining a renovation loan from a mortgage lender than a home equity loan from a regular bank.
Contact us today for more information about refinancing or obtaining a mortgage.