 If you like this page,
At Peak Home Loans, we will tailor a home purchase loan just for you. Whether you are interested in the lowest rate home loan, lowest upfront loan cost or lowest APR we have a home purchase loan package to fit your needs. We even offer nothing down loans for home buyers - up to 107% of the home's value.
Peak Home Loans can help to mortgage or refinance your home with good credit, fair credit, poor credit, and bad credit. We offer home refinancing and mortgages with any credit. Click here to learn how. We Offer All Types of Home Purchase Loans... Once you know how much money you can borrow and have an estimate of your closing costs, you'll know the price range you can afford. You might already have your "dream home" in mind. Perhaps you want to settle down in a particular neighborhood, or maybe you just need more space for your growing family.
Even if you know exactly what you're looking for, the house hunting process can be overwhelming. It takes time.
Here are some good house hunting tips: Take pictures inside and outside the home. Bring a spouse, family member, or friend. Make sure the house fits into your budget. Ask about utility and maintenance costs. Think of commuting time and costs. Compare what you'd like to have against what you really need. Consider your monthly budget - can you afford the renovations and maintenance that you'll need to do? Don't make a "spur-of-the-moment" decision.
What else can you do to make the house hunting process easier? List your needs. Know the difference between your wants and your needs and keep track of the homes you see that come closest to meeting your needs. Concentrate on a few neighborhoods. Decide what's most important to you about the neighborhood you want. This can greatly narrow down your search. Find a real estate agent. They'll have many more listings than you can find on your own. Compare homes. Make sure you know what you would get and what you would miss in each house before you make a decision.
Peak Home Loans can help to mortgage or refinance your home with good credit, fair credit, poor credit, and bad credit. We offer home refinancing and mortgages with any credit. Click here to learn how. MORTGAGES AND HOME BUYING
To purchase a house, you don't need to save the entire price of the house. You can get a loan called a home mortgage. A mortgage is a type of loan for buying a house. This is what Peak Home Loans is for. We will you do this.
HOW MUCH HOME CAN YOU AFFORD?
Banks and financial institutions that lend money will normally lend two and a half to three times your annual gross income (income before taxes, adjusted for your other debts and credit history.
Another way they look at it is that your total housing costs, including mortgage payments, property taxes, and insurance should not be greater than 28% of your gross monthly income. If you include your other debt payments, then it should not exceed 36%.
DOWN PAYMENT
When borrowing money for a house, you will normally need to pay at least part of the purchase price of the home. This is known as the down payment. The normal down payment is 20% of the purchase price of the house. Down payments are required to protect the lender in case of default (if you fail to pay back your loan).
If you can't afford the full 20%, then you may be able to still get a mortgage, but will be required to pay for private mortgage insurance, or PMI. Another option is that many lenders offer double loans, one for the normal mortgage, and a higher rate loan to cover the down payment. This is what Peak Home Loans is for. We will help you do this. BUDGET CAREFULLY
In general, you don't want to buy more home than you can afford. Along with the down payment, you will likely have closing costs and fees that may run 2% to 5% of the amount of the loan. Also, owning a house brings many additional costs, such as insurance, home repair, etc that you may not be currently paying, and will need to budget for.
FIXED AND ADJUSTABLE RATE LOANS
One big difference between mortgage loans, is fixed rate loans, and adjustable rate loans (also known as ARMs). Adjustable rate loans are usually less expensive in the beginning, since the interest rate you pay will be less than fixed rate loans. However, if interest rates rise suddenly, you may be required to make much higher monthly mortgage payments.
Nevertheless, if you plan on staying in your house for only a short period of time, then an adjustable rate loan probably makes more sense. For longer periods of time, consider a fixed rate loan. Also, be aware that some lenders often make ARMs look better by offering a 'teaser' rate. However, these low rates are only for a short time, so beware, and fully understand the terms of your loan. Peak Home Loans can help to mortgage or refinance your home with good credit, fair credit, poor credit, and bad credit. We offer home refinancing and mortgages with any credit. Click here to learn how.
OTHER FINANCING OPTIONS
Today's mortgage market is very different from the past. Today, there are many more loan choices, and loans are much more available then before. Check out different lenders to learn about their different loan programs to see what works best for you. This is what Peak Home Loans is for. We will do this for you.
BUYING NOW - HOUSING BUBBLE?
A hot topic today is the controversy if we are in a housing bubble, and the question of should we be buying a home at all. There are valid arguments on both side, and since no one can predict the future, no one knows for sure. Though, we would say to consider how much housing in your particular area has appreciated recently, and if price appreciation is much greater than average, then consider it a possible risk that housing prices may decline. Here is a good article on a possible housing bubble.
However, on the flip side there is also a risk of not buying a house, and having housing prices further increase. If population continues to increase, and the economy continues to grow, then housing prices will then also likely increase in the future. We can offer you a traditional 30 year fixed rate loan, a variable rate loan or even a 15 year loan. We offer VA and FHA loans. If you are unsure which home purchase loan is best for you, please fill out our form and one of our experienced home purchase loan counselors will contact you within 24 hours. So apply online now for free and our home purchase loan counselors will notify you in person with the specific home loan packages available to you. We will get you the loan you need. Peak Home Loans can help to mortgage or refinance your home with good credit, fair credit, poor credit, and bad credit. We offer home refinancing and mortgages with any credit. Click here to learn how. We offer home purchase loans to first time buyers as well as those buyers that want to sell their existing home and buy a new one, buy a second home, buy an investment property, and more. Top 5 Mistakes People Make When Buying a Home 1. Shopping for a home without being pre-approved. You can make your best deal if you go shopping for a house with a pre-approval letter from your mortgage company. That way you know exactly how much house you can buy, and you are in a better position to make an offer and have the seller take you seriously, especially if there are multiple offers on the table. Pre-approval for a home loan is different from pre-qualification. Almost anyone can get a "pre-qualify" letter from a mortgage company. All that means is that the Loan Officer took down some information and will take down some more information in the future. The pre-approval process is much more thorough. In this case, the mortgage company does virtually all the work associated with obtaining full-approval, except for ordering an appraisal and a title search (since there is no property identified yet.) Generally speaking there is no charge for getting a home loan pre-approved, although some mortgage companies may require payment for a credit check. We offer free pre-approval, simply click APPLY NOW and select 'Home Purchase Loan' for Type of loan desired? 2. Choosing a home loan lender for the wrong reason (i.e., the lowest rate, recommended by your Realtor.) People choose home loan lenders for all the wrong reasons. Getting a low home loan rate is important, but it's not the only consideration. Lenders may offer the lowest rate on a home loan but charge extra fees (loan fees, origination fees, copy fees) so that in the end you'll pay more for the home loan even though your rate may be lower. The only way to protect yourself is to wait for the Good-Faith Estimate (GFE) which should list all the closing costs. Compare the GFE's from a number of home loan lenders. But comparing GFE's is not the only story. If time is important, you want to choose a mortgage company that is capable of acting quickly to get you the home loan. Ask each company to give you their average closing time for home loans similar to yours. Be sure you specify purchase loans, since the time to refinance a home loan is much shorter. Ask around among your trusted friends. Sometimes your Realtor will suggest a lender, but this may not be the best road for you. You want someone who has your interests at the center of what they do, and isn't necessarily beholden to your Realtor. 3. Using the seller's agent. Sellers want to get the highest price possible; buyers want to pay the lowest price imaginable. A dual agent can't be fair to both the buyer and the seller. Because the seller pays the commission, the dual agent usually will negotiate harder for the seller than for the buyer. As a buyer, it's better to have your own agent represent you. 4. Not getting everything about your home loan in writing. Get everything in writing. No matter what the Loan Officer tells you, ask him/her to confirm it in writing. Don't listen to the Realtor's guarantee: get it in writing. Don't believe someone when they tell you that your home loan rate is guaranteed. Get it in writing. 5. Buying a home without professional advice. Before you buy that home, check with the professionals. Check with your insurance agent to see if your insurance is going to increase, or whether or not the new home will be covered (e.g., your new home has a wooden roof but your insurance company no longer issues policies for homes with wooden roofs). Check with your accountant to see whether or not the new property taxes and insurance payments will fit into your budget. Get a professional contractor to inspect the property to see what kinds of expenses you're going to have after you move in. |
If you want to purchase a home, simply click APPLY NOW and select 'Home Purchase Loan' for Type of loan desired? Thank you,
Peak Home Loans |
