The Path To The Right Mortgage Product
Finding the right mortgage product doesn’t have to be a difficult task.
Knowing the criteria that you must meet and being able to single out what you are looking to get out of your ideal property of interest and having the right information at hand prior to making a final decision may help open up several options for you to choose from.
You may find after going over the flowchart that there is in fact a mortgage product that you may have overlooked this entire time. The biggest mistake that anyone can make is choosing the wrong mortgage product. A mortgage loan is a big commitment and a big investment as well. Every mortgage product was designed with a purpose in mind. For instance, the FHA was established to help make home buying more affordable than it used to be for first-time home buyers with less than perfect credit score. The FHA is not a lender, but a mortgage loan insurer. Read More about the FHA.
A Jumbo portfolio mortgage was made available for those who expect to make a purchase on a property that would require a larger loan size, one that exceeds the local loan limit. Conforming mortgages may be best suitable for those with a credit score of 740 or better with an expectation of making a 20% down payment.
In 2014, a survey on VA Mortgage Awareness taken by a total of 2,000 veterans revealed that only 36% had applied for the program and the rest of the 64% were unaware of the program’s existence. Majority of Veterans who have been able to qualify for the VA mortgage have found that they were not required to make any down payment towards their purchase nor were they required to obtain private mortgage insurance. The VA mortgage program offers some of the most competitive interest rates around for military service members.
Though the information provided within the flowchart is not a guarantee approval for a mortgage product, it is designed to help home buyers broaden their range of options.
Jessica Lucas
