December 22nd, 2014
When it comes to purchasing a home, the entire process can seem daunting. First you have to go through the realtor to make an offer, then you have to figure out how you are going to come up with the down payment. You are sure to have plenty of questions, but if you are working with the right company, you just might be surprised.
How Home Loans Work
When you find that perfect house, in the right neighborhood, and at the right price, the thought of not getting it is just not something you want to consider. The good news is, if you have been doing your homework and you know what you can afford, you have a great chance of purchasing the home of your dreams.
There are several things that you will need to consider before applying for a home loan, but one of the most important is the down payment. Some loan programs require a down payment that is 20% of the entire loan. This means that if the home you are looking at is $80,000, you will need $16,000 for the down payment. Now, before you stomp off grumbling that you will never be able to buy a home, there are a few things you need to know.
Down Payment Assistance
There are programs available that can assist you with the down payment on your new home, but you will have to qualify. However, before you get to this step, you need to consider the type of loan that will work best in your situation. We know that most homebuyers don’t have any idea what the best loan will be, which is where we come in.
We will help you figure out the best loan for your needs that fits within your long-term ability to repay the loan. Our goal is to help you buy your home, and we do everything we can to make that happen. This means we will work with you to ensure that you understand the options that are available, and how they might benefit you.
Summit Funding Can Help
There are programs available that can help you with your down payment. Summit Funding has a variety of options available to help you, including new programs that could mean 20% down assistance if you qualify for it. As the only mortgage lender in this area offering this program, we take pride in doing everything we can to get you the assistance you need to buy the perfect home. This and other programs are designed specifically for helping those with lower income, so you should always reach out to us before making any final decision on whether you can or cannot afford to buy a home.
What to Expect
When you come to us to see about a mortgage, we will sit down with you to go over your needs, your income, and what you have available. After this, we will need information from you in order to get the process started, so make sure to gather this information in a timely manner.
Once we have your information, it is our goal to make sure you have a hassle free loan experience, and the entire process is handled with the highest levels of professionalism. We will take the time to walk through everything with you, every step of the way to make sure you know and understand exactly what is going on with your loan, and your down payment assistance.