Welcome to our Education Center!
Our goal is to help you become knowledgeable about all aspects of home financing and provide you all the information you need so you can make the best decision. But how do you compare all of the various home financing options and make an informed choice? The only way to make sure you get the best loan terms and lowest rate is to be an educated consumer. Our education center will help you separate fact from fiction, dispel myths, learn about mortgage programs, and provide tips so you will know all the facts. Now let’s get started!
1) START WITH A LOAN CONSULTATION AND PRE-APPROVAL
Before you decide to purchase a home talk to one of our experienced loan officers and discuss your personal situation to see if homeownership is right for you. It’s a big decision and extremely important you know all the pros/cons before entering into a contract. We can assist you with reviewing your budget, needs, and long-term goals. At this point we will work with you so you are pre-approved and know the price range you can qualify for.
In today’s competitive housing market, it is not uncommon for a seller to receive multiple offers on their home. Most sellers will require you have a strong pre-approval letter submitted with your offer; in many cases the seller will choose the contract that has a pre-approval letter from a local lender. This could be the difference between getting your offer accepted versus other buyers working with an internet or out-of-town lender. Sellers know that a local lender is available to work with you in person and insure the closing occurs on time.
2) Choosing a Realtor
Finding the right home, negotiating the best price, and protecting your interests are critical when purchasing real estate. A professional Realtor is invaluable with local market knowledge, property values, and the contract details to protect you as a buyer. If you would like us to recommend a Realtor please let us know. We have a referral network of agents and can match you up with an agent that has experience in the neighborhoods you’d like to live in. There is no charge to the buyer for this representation. Get professional advice before you sign the contract!
3) Finding the right home
There are so many factors that go into the decision of what kind of home you’d like. Ask yourself:
*Is the right size for my family, now and in the future?
*What neighborhoods are you willing to consider? Is the location a priority for your lifestyle?
*Are schools a factor? Do you need to be in a specific school district or near a school that accommodates special needs?
*Is a single-family home a requirement or is a condo an option?
*Is it near shopping, work, activities, and other amenities?
*What is most important to you-location, size of home, view?
*Are there specific home features that are a “must”? Make a list of what you want in a home– the number of bedrooms, bathrooms, finishes, appliances, pool, etc; then rank them in terms of importance. Be prepared to make compromises!
4) Types of loan programs, down payment, and qualification
There are many types of loan programs to choose from; the most common are FHA, VA, Conventional, and Jumbo. The down payment amount and qualification requirements vary. Here is an overview of the most popular loan programs:
VA: Available with 0% down payment for loans up to $484,350 (Brevard County); we can also do a VA loan up to $2M with a down payment-please call for details. There is no monthly mortgage insurance and a VA loan has easier qualification versus a traditional conventional loans. Eligible veterans, active duty and reservists can qualify for a VA mortgage.
FHA: Available with 3.5% down payment and is easier to qualify for versus a conventional loan. The maximum loan amount in Brevard County in 2019 is $314,827 (this amount changes annually)
Conventional loans: Available with as little as 3% down payment for owner occupants; 2nd home and investor loans are also available. These loans are underwritten according to Fannie Mae and Freddie Mac guidelines.
Jumbo loans: If the loan amount is over $484,350 it is considered a “jumbo” or “non-conforming” type of loan. The down payment starts at 5% down and will vary depending on the sales price and type of property. We offer jumbo loans up to $3M.
Note: We work with several agencies to provide down payment assistance to first time homebuyers. Please call us for details.
AT DYER MORTGAGE WE WILL REVIEW ALL OF THE LOAN PROGRAMS YOU COULD BE ELIGIBLE FOR AND ADVISE YOU ON OBTAINING THE BEST POSSIBLE FINANCING. PLEASE CALL US FOR A COMPLIMENTARY CONSULTATION AND PRE-APPROVAL.
1) START WITH A LOAN CONSULTATION AND PRE-APPROVAL
Before you decide to purchase a home talk to one of our experienced loan officers and discuss your personal situation to see if homeownership is right for you. It’s a big decision and extremely important you know all the pros/cons before entering into a contract. We can assist you with reviewing your budget, needs, and long-term goals. At this point we will work with you so you are pre-approved and know the price range you can qualify for.
In today’s competitive housing market, it is not uncommon for a seller to receive multiple offers on their home. Most sellers will require you have a strong pre-approval letter submitted with your offer; in many cases the seller will choose the contract that has a pre-approval letter from a local lender. This could be the difference between getting your offer accepted versus other buyers working with an internet or out-of-town lender. Sellers know that a local lender is available to work with you in person and insure the closing occurs on time.
2) Choosing a Realtor
Finding the right home, negotiating the best price, and protecting your interests are critical when purchasing real estate. A professional Realtor is invaluable with local market knowledge, property values, and the contract details to protect you as a buyer. If you would like us to recommend a Realtor please let us know. We have a referral network of agents and can match you up with an agent that has experience in the neighborhoods you’d like to live in. There is no charge to the buyer for this representation. Get professional advice before you sign the contract!
3) Finding the right home
There are so many factors that go into the decision of what kind of home you’d like. Ask yourself:
*Is the right size for my family, now and in the future?
*What neighborhoods are you willing to consider? Is the location a priority for your lifestyle?
*Are schools a factor? Do you need to be in a specific school district or near a school that accommodates special needs?
*Is a single-family home a requirement or is a condo an option?
*Is it near shopping, work, activities, and other amenities?
*What is most important to you-location, size of home, view?
*Are there specific home features that are a “must”? Make a list of what you want in a home– the number of bedrooms, bathrooms, finishes, appliances, pool, etc; then rank them in terms of importance. Be prepared to make compromises!
4) Types of loan programs, down payment, and qualification
There are many types of loan programs to choose from; the most common are FHA, VA, Conventional, and Jumbo. The down payment amount and qualification requirements vary. Here is an overview of the most popular loan programs:
VA: Available with 0% down payment for loans up to $484,350 (Brevard County); we can also do a VA loan up to $2M with a down payment-please call for details. There is no monthly mortgage insurance and a VA loan has easier qualification versus a traditional conventional loans. Eligible veterans, active duty and reservists can qualify for a VA mortgage.
FHA: Available with 3.5% down payment and is easier to qualify for versus a conventional loan. The maximum loan amount in Brevard County in 2019 is $314,827 (this amount changes annually)
Conventional loans: Available with as little as 3% down payment for owner occupants; 2nd home and investor loans are also available. These loans are underwritten according to Fannie Mae and Freddie Mac guidelines.
Jumbo loans: If the loan amount is over $484,350 it is considered a “jumbo” or “non-conforming” type of loan. The down payment starts at 5% down and will vary depending on the sales price and type of property. We offer jumbo loans up to $3M.
Note: We work with several agencies to provide down payment assistance to first time homebuyers. Please call us for details.
AT DYER MORTGAGE WE WILL REVIEW ALL OF THE LOAN PROGRAMS YOU COULD BE ELIGIBLE FOR AND ADVISE YOU ON OBTAINING THE BEST POSSIBLE FINANCING. PLEASE CALL US FOR A COMPLIMENTARY CONSULTATION AND PRE-APPROVAL.