Locking in favorable terms with a fixed-rate mortgage. As of this writing, interest rates are at their historical rock-bottom. Receiving a fixed-rate mortgage lets you potentially lock in the most affordable terms we’ve seen.
The Money-Saving Secrets of the Home Purchase
If you’re tired of throwing rent toward the landlord, you can keep some of that money by putting it toward the principle of your very own home mortgage. Why bother? Here are some of the money-saving secrets that homeowners can enjoy:
Get pre-approved for a mortgage to do your research first. Ready to shop around? There’s no pressure. Get pre-approved for a mortgage and find out how much home you can afford—these are essential next steps that convince a home seller that you mean business.
Buy the home you can afford. When you know your total monthly liabilities, your income, and your credit rating, you can easily calculate just how much home you can afford. This will help ensure that you buy a house that remains a long-term blessing and not a strain on your budget.
The Stats: What You Need to Know Before You Buy a Home
Homeownership is common. In fact, statistics from 2019 show that the homeownership rate was a staggeringly high 64.8%, which means the majority of people have gotten out of the rent cycle and into their own home.
You don’t need experience. First-time home buyers constitute one-third of all home buyers, which means that you don’t have to feel intimidating by the home buying process, even if it’s your first time. It’s far more common to be going through this process for the first time than you might imagine.
The average length of time is low. Have house fever? You’d be surprised how quickly things can move. The average length of time between someone visiting a potential home for purchase and the closing date was only 73 days, or two and a half months.
Are you interested in finding out if a home purchase makes sense for you? Are you ready to join the ranks of homeowners and lock in potentially low rates?
2 Ways to Use Your FHA 203(k) Loan
Buy a Fixer-Upper (and Fix It Up)
Or... Renovate Your Current Home!
Gregory was very responsive to all our questions about the mortgage process. He spend all the time I needed to walk me through what to expect and each item on his pricing estimate sheet. He was even able to get our appraisal waived saving us over $600 on closing costs. I especially appreciate his company’s secure document transfer website so I can send all my bank, tax, and identify info securely instead via email. Overall had a great experience and would highly recommend Greg. - David
Greg was extremely knowledgeable and creative in getting our mortgage approved. He made the process simple, straightforward and timely. I absolutely recommend him to anyone looking for a mortgage. Thanks Greg! - nleonard44
We highly recommend Greg! We had a complex loan situation with a quick time frame and he helped every step of the way to close on time. We will definitely use him in the future and would recommend him to any home buyer looking for a good mortgage broker. - user346391
We worked with Greg on a home purchase and couldn’t have had a better experience. Entire process was easy, smooth and efficient. Greg is very responsive and knowledgeable! We also got best available rates and will recommend Greg and Advanced Mortgage Solutions to anyone. It was a pleasure to work with Greg and his team! - Inna Sherman
We approached Greg on a short timeline for a mortgage. We turned-around the documentation that Greg provided quickly and he in-turn got our mortgage approved ahead of schedule. He promptly returned all our calls and clearly addressed our questions. - Chris Coulston
I worked with Greg on a conventional refinance. He knows the space and the various products in depth. I was able to get locked and closed within a few weeks. This was especially easy because you have the option of signing everything electronically and this really speeds up the processing and gathering of paperwork. We even had a mobile notary come to our house for the closing. Great team and process. - John W.
We worked with Greg Martinez on a home refinance as well as a new purchase. He addressed all the questions we had in a timely fashion and made the process easy. - Peter Bourriague
Greg was great throughout the entire home buying process and continues to make himself available well after my closing. As a first time home buyer, I couldn’t have asked for a more understanding, knowledgeable, and effective lender. Got me the best rates by far, and I would recommend him to any friend buying a home! - Eli Fark
Greg and his team at Advanced Mortgage Solutions are great. My wife and I purchased a condo in Winter Park, and couldn’t have had a better lending experience. Greg offered expertise and advice that was very helpful. He predicted some of the minor issues we did experience, and therefore had a plan to address them. I highly recommend Greg and Advanced Mortgage Solutions! - Dan Jaynes
Greg Is a wonderful lender. He was so easy to work with and gave us the lowest quote out of anyone we called. If you need a refinance, purchasing or anything in between he is the man to go to. This company is local and WORTH IT. - skrilllly1
Your Renovation Wish List Could Include...
Increase window size
Bring in more natural light
Finish a basement or attic
Create a mother-in-law apartment or guest space
Correct foundational issues
Protect your investment for the long-term
Add a detached garage when one does not exist
There’s room for everyone
Knock down walls
Open up the floor plan to create versatile, welcoming spaces
Flood-proof your property
Add a retaining wall to prevent expensive damage
Repair the pool
Tired of leaks and cracks? Fix the pool & start enjoying it
Expand or refresh the kitchen
Cooking is just more fun in an updated kitchen
Add square footage
Growing your family? Grow your home alongside it!
After remodeling, 74% of owners have a greater desire to be in their home, and 65% have increased enjoyment in their home.
How Does a Renovation Loan Work?
Depending on the types of repairs you plan to do, you have two options when it comes to securing a FHA 203(k) Renovation Loan: Limited and Standard.
The Limited 203(k) loan
The Limited 203(k) loan is for non-structural or “cosmetic” repairs. It covers up to $35,000 in renovation costs. With a Limited loan, you can do nearly anything that doesn’t affect the home’s structure! Think kitchen and bathroom remodels, carpet and flooring replacement, painting, appliance replacement, and much more.
The Standard 203(k) loan
The Standard 203(k) loan is a loan for projects with repair costs over $35,000. It can be used for structural or non-structural repairs. With a Standard Loan, you have even more flexibility. You can expand the home’s footprint, improve accessibility for differently abled people, and even move the home to a different site.
What You Need To Know About A Home Purchase
Why should I buy a home rather than rent?
Everyone’s situation is different. However, in the era of low interest rates, a new home purchase can make financial sense for a lot of people. Locking in these low interest rates can mean paying less for more square feet in some cases. That said, every person’s situation is different, and your motivations for buying a home (including the need for more space or privacy) may differ from other people.
How do I start the home buying process?
One of the best ways to show that you’re serious about buying a home is to get pre-approved for a mortgage. This will give you some leeway when it comes to making offers when you view homes. And in some cases, it’s viewed as a necessity when you go out shopping for homes. In many cases, the process is as simple as finding out what you can afford given your current income, levels of debt, and financial obligations. The good news: it’s a lot simpler than you think!
What kinds of financial commitments do I have to make?
There are a lot of options for financing when you make a home purchase, so don’t feel that you have to commit to any particular one at this point. You’ll find that it’s possible to make a 20% downpayment, for example, but there may be types of financing available that require far less—as low as 3%, depending on your situation.
Why is now a good time to buy a home?
Although every situation is different, low interest rates tend to mean generous financing terms for people taking on a home mortgage. Having a mortgage with low fixed interest rates, for example, can be a powerful hedge against inflation in periods of higher inflation—where in the interest rates are typically higher. But we should reiterate that every situation is different, and you should do what’s best for your situation and your own family.
What is the next step?
Click through our buttons above to find out whether you qualify for great terms on a new home purchase!