Home Loans made simple
First time homebuyer? You’ve come to the right place!
Looking at real estate fliers and touring homes is easy. Applying for a home loan and figuring out how to pay for a house – well, that can get complicated. Let us guide you through understanding a home loan.
#1 - A home loan is called a mortgage.
Buying a house is one of the largest investments most people make. Home loan programs are available to those who need to borrow the money and buy a house (which is almost everyone.) The money borrowed and the payment due each month is called a mortgage.
#2 - Home loan options are also called programs.You have choices when it comes to a home loan. Some buyers have more choices than others depending on how much money you make, where the home is located, how much money you have to spend right away and your credit score. There are many options when it comes to home loans and several programs available. Some of them include:
- Conventional loans (also known as regular loans)
- FHA loans
- VA loans
- USDA loans
The best step to determine the right home loan program for you is to call a local mortgage lender you trust. The lender can explain the difference in each program and help you decide which one is best for you.
#3 - Learn the numbers.There are many “numbers” involved in a home loan process. When you apply for a loan, you will have a unique set of figures for you. Here are some numbers that will be figured up into your home loan:
- Purchase price of the home
What you’re offering to pay for the house you want to buy.
- Down payment
The money you have available to buy the house when you apply for your loan.
- Interest rate
Usually a percentage and based off of your credit score. This percentage figures up how much money in interest you will pay during the life of your loan.
- The term of your loan
Typical terms are 15, 20 or 30 years – meaning how long it will take to pay back the loan.
- Monthly payment amount
This is what your mortgage bill will show each month.
#4- Home loans aren’t free – but it doesn’t cost to apply.
It’s FREE to pre-qualify and apply for a home loan. But there are some fees involved when you borrow money to buy a house. Closing costs will apply before your loan is approved. This pays for the processing of the home loan. Also, you will be charged interest on your loan – this works just like any other loan from the bank – interest for borrowing the money will be part of your mortgage payment.
#5- There are tax benefits to home loans.Although home loans do not come free, the government lets you write-off what you pay in interest on your Federal income tax return. Also, if you pay mortgage insurance (MI), you may also write-off this amount.
How do I buy a house?
These are the basics of understanding home loans. If you want to buy a house but haven’t found one yet, go ahead and pre-apply for a home loan now.
If you’ve already found a house and made an offer, we can still help you. Fill out our online application form for a home loan. Our team will be in touch ASAP to collect information about the house you want to buy and get the ball rolling on your financing.
Questions? Call us at 561-207-8049.
Toni and her team are simply the best, this is our 3rd mortgage using their service. Communication is excellent and they make it as painless as a mortgage can be.
Excellent Service and communication from start to finish. The cost and rate we were initially quoted was what we got. Easy to use portals for gathering information. Responses to questions were timely. Completely professional , I would highly recommend using them.
Team Taylor is a great group and a pleasure to work with, will definitely use again! Very organized team and made the paperwork simple and easy. I would recommend to anybody.
Toni and team were the consummate professionals in every sense and kept me connected and on target with all the loan requirements. They didn’t skip a beat, which was extremely important to me since the new home I was buying was contingent upon selling my existing home. They made every step of the way straight forward and stress free with their one-on-one updates and feedback. I would highly recommend them to anyone!
Tony was great through the whole process everything when I smooth as could possibly be expected. She was on top of everything and kept me well informed I would have no hesitation to use her again.
Everyone at Interconnect Mortgage was efficient, timely and very helpful throughout the process. This is my second transaction with them and I quickly remembered why I had returned, Thank you!
As painful as getting a mortgage has become, Toni was on top of all of the required docs, statements, letters etc required to acheive the final goal of closing on our property.
Toni and her team made my home buying experience very easy and simplified. I would definitely recommend her, and of course plan on using her for any future home buying.
I can honestly say that Toni is professional, a straight shooter, and all around just a very professional woman. She has proven her honestly and knowledge time and time again throughout this transaction. In my experience with Toni, her prompt and courteous service, and her keen attention to detail cannot be matched. Not many can boast 29 years of mortgage experience and that experience really showed while dealing with her. Thank you Toni
Toni took the time to make sure we understood everything that was going on and she was very helpful and made the process very easy and stress free!!!!