Where to Get Started with Homewise Financial
Regardless of whether you are looking to buy a home now, or if you are a few years off, we can help you understand your options and how to get the right mortgage for you situation.
How Mortgage Loans Work
Our Home Buyers Guide breaks down the process and answers most of the commonly asked questions so that it is less overwhelming and easier to understand the process.
How to Budget
You can use our mortgage calculator to assist you in determining a starting point for what your new home will cost and how much down payment you will need. You can always reach out to one of our loan specialists to allow them to guide you prior to completing an application. We are here for you.
If You are Actively Shopping for Your New Home
If moving is in your near future, here are the two most important things that you should do first that will put you in contact with experts who help first time homebuyers every day.
Step 1 – Get approved for a loan: Doing this before you start looking at houses will help you, here is why:
- You will receive an approval letter that shows agents and sellers that you are able to afford a house. The approval letter also puts more strength into your offer, showing that you have already had a lender review your financial situation.
- You will find out how much house you can afford.
- Makes the rest of the process easier.
Step 2 – Find a Real Estate agent: After you are pre-approved for a mortgage loan, choose a real estate agent. They provide experience and are a great resource. And they are paid for by the sellers. Here are some things that you can expect the agent to perform:
- Help you search for the right house, in the right area, with the features that you are looking for.
- Manage the paperwork.
- Help you to negotiate with the sellers.
With an approval letter and listings from your agent, you will be ready to begin your search for that perfect home.
Popular Loan Options for First-Time Home Buyers
There are many situations that apply to folks, like you, that are trying to buy their first home. Here are some of the most common. You may qualify for more than one of the programs, but do not worry, we will help guide you through and find the best fit for you.
- Payment and interest stability: With conventional 30-year fixed mortgage loans, your principal and interest rates will stay the same through the life of your loan and you can buy a home with as little as 5% down.
- Not a lot of credit history or not sure that it is good enough: FHA guidelines are more lenient on credit and income requirements, and you can buy a home with as little as 3.5% down.
- Only plan on being in the home for a few years: If this is a starter home, or you plan to move in a few years, an Adjustable Rate Mortgage (ARM) can offer a lower initial rate for the first few years.
- Veteran: If you served, or are currently serving, in one of the branches of our armed forces, thank you. You may be eligible to take advantage of a VA loan that offers no down payment as long as you do not exceed the VA loan limit ($647,200 for 2022).
Why Choose Homewise Financial?
- Application process is completely online.
- Loan specialists available to answer your questions and help you understand the process.
- As a mortgage broker, we have exclusive access to a vast network of lenders to offer competitive rates and diverse loan programs to suit your goals.
- Personalized experience. We will “hold your hand” through the process to ensure your comfortability with the loan program and process.