Things You Might Not Know About Financing a Home (Even If You Own One)

The homebuying landscape is ever-changing and it’s important to stay informed on the latest trends, regulations and financing options available. If it’s been several years (or decades!) since you last financed a home, here are a few things that may have changed since your last mortgage.

Mortgage Options Have Expanded

In an effort to make homebuying more accessible, mortgage loan options have evolved tremendously over the years. While conventional, fixed-rate mortgages are still popular, understanding the range of mortgage options available can help you make an informed decision that better aligns with your current financial goals and needs.

Down-Payment Requirements Vary

While a 20% down-payment has traditionally been the standard, it is very common for homebuyers to put down much less. For example, FHA loans often require a down-payment as low as 3.5%, and VA loans offer the possibility of no down-payment for eligible veterans and service members. Exploring these options can open homeownership opportunities that you may not have considered!

Technology Has Simplified Homebuying

New technology has revolutionized the homebuying process, making it much more streamlined and convenient for buyers. From virtual 3D home tours to digitally submitting your mortgage documents, embracing these new features during your homebuying process can save you a lot of time – and headaches!

You Could Still Be Considered a “First-Time Homebuyer”

Even if you’ve owned a home in the past, you could still be considered a first-time homebuyer according to the Department of Housing and Urban Development. It may sound surprising, but here are a few examples of how a previous homeowner could become a “first-time” homebuyer again:

•          If you haven’t owned a home in three years or more.

•          If your spouse hasn’t owned a home.

•          If you are a single parent who has only owned a home with a former spouse while married.

•          If you have been out of the traditional workforce and are no longer supported by a spouse you own property with.

Whether you’re on your first or forever home, it’s essential to partner with a knowledgeable Loan Team who can help you understand the latest market trends and guide you through the ever-evolving mortgage process. Visit our website to learn more about our home financing process!