Locking in favorable terms with a fixed-rate mortgage. As of this writing, interest rates are at their historical rock-bottom. Receiving a fixed-rate mortgage lets you potentially lock in the most affordable terms we’ve seen.
The Money-Saving Secrets of the Home Purchase
If you’re tired of throwing rent toward the landlord, you can keep some of that money by putting it toward the principle of your very own home mortgage. Why bother? Here are some of the money-saving secrets that homeowners can enjoy:
Get pre-approved for a mortgage to do your research first. Ready to shop around? There’s no pressure. Get pre-approved for a mortgage and find out how much home you can afford—these are essential next steps that convince a home seller that you mean business.
Buy the home you can afford. When you know your total monthly liabilities, your income, and your credit rating, you can easily calculate just how much home you can afford. This will help ensure that you buy a house that remains a long-term blessing and not a strain on your budget.
The Stats: What You Need to Know Before You Buy a Home
Homeownership is common. In fact, statistics from 2019 show that the homeownership rate was a staggeringly high 64.8%, which means the majority of people have gotten out of the rent cycle and into their own home.
You don’t need experience. First-time home buyers constitute one-third of all home buyers, which means that you don’t have to feel intimidating by the home buying process, even if it’s your first time. It’s far more common to be going through this process for the first time than you might imagine.
The average length of time is low. Have house fever? You’d be surprised how quickly things can move. The average length of time between someone visiting a potential home for purchase and the closing date was only 73 days, or two and a half months.
Are you interested in finding out if a home purchase makes sense for you? Are you ready to join the ranks of homeowners and lock in potentially low rates?
2 Ways to Use Your FHA 203(k) Loan
Buy a Fixer-Upper (and Fix It Up)
Or... Renovate Your Current Home!
Juergen made the refinance process seamless and even saved us money along the way. With his expertise, he was able to find us the lowest rates even though we had recently done a mortgage forbearance due to COVID. He was also able to negotiate waiving an appraisal, and we closed in 6 weeks flat (which during these times is super fast!) I would absolutely recommend Juergen, as he truly cares about each client and works with a sense of urgency to prioritize your needs. Thank you, Juergen! .- Athena Joseph.
I have completed maybe a maximum five reviews in my over 40 years life but felt compelled to leave this review. I have engaged in multiple real estate ventures throughout the last 20 years and have worked with numerous agents. I can honestly provide that the service provided by Juergen and his team has been unmatched. The decision is not even open for deliberation. His attentiveness, honesty, knowledge of the business, and ability to easily codify customer needs and market requirements into a successful package was just amazing. I will be doing business again with Juergen and highly recommend his services!- Vince Vanterpool.
Cannot say enough about the experience I had with Juergen! Incredibly detailed and attentive to my needs, Juergen immediately went to work! Not only was he available, but Juergen provided me updates almost daily with where we were at in the process. If something was needed Juergen was there! No chasing around with phone messages or trying to track him down, Juergen was on top of every detail from start to finish! I closed in three weeks with a rate that was over a full point lower than my previous loan. This amounted to a huge savings for me and put that money back in my pocket. Professional and genuine attention to details, this is your guy if you want the Best! Thank you Juergen!- James Griffin.
HUGE, HUGE, shoutout to my main man; Juergen Schmid from Western Capital Mortgage. We are still shaking our heads.Juergen drove this streamline effectively, professionally, and meticulously to the finish. There were no surprises, no appraisal, no money out of pocket. Juergen, Jacqqueline and I cannot thank you enough for all the hard work. If you want an honest, professional experience in a rate reduction for your current mortgage, call Juergen. With rates the lowest they have ever been; It is absolutely a no brainer and if you want to call me first, send me an IM and I will give you my cell.- Cletus Strausbaugh.
I have purchased 2 homes and done several refi’s. Juergen truly made this transaction simple. He worked hard to get me an amazing rate and did all the work to make this painless. He is very professional while being friendly. I highly recommend Juergen Schmid – Mortgage Consultant.- Andrew Siminoff.
We just completed a refi with Juergen and have nothing but positive things to say! This was by far our easiest refinance transaction. We appreciate Juergen working hard to find us the best rate and his thoroughness. He communicated clearly to us and made sure we understood what was happening. We have already recommended him to friends and family!- Lorna Judge.
Your Renovation Wish List Could Include...
Increase window size
Bring in more natural light
Finish a basement or attic
Create a mother-in-law apartment or guest space
Correct foundational issues
Protect your investment for the long-term
Add a detached garage when one does not exist
There’s room for everyone
Knock down walls
Open up the floor plan to create versatile, welcoming spaces
Flood-proof your property
Add a retaining wall to prevent expensive damage
Repair the pool
Tired of leaks and cracks? Fix the pool & start enjoying it
Expand or refresh the kitchen
Cooking is just more fun in an updated kitchen
Add square footage
Growing your family? Grow your home alongside it!
After remodeling, 74% of owners have a greater desire to be in their home, and 65% have increased enjoyment in their home.
How Does a Renovation Loan Work?
Depending on the types of repairs you plan to do, you have two options when it comes to securing a FHA 203(k) Renovation Loan: Limited and Standard.
What You Need To Know About A Home Purchase
Why should I buy a home rather than rent?
Everyone’s situation is different. However, in the era of low interest rates, a new home purchase can make financial sense for a lot of people. Locking in these low interest rates can mean paying less for more square feet in some cases. That said, every person’s situation is different, and your motivations for buying a home (including the need for more space or privacy) may differ from other people.
How do I start the home buying process?
One of the best ways to show that you’re serious about buying a home is to get pre-approved for a mortgage. This will give you some leeway when it comes to making offers when you view homes. And in some cases, it’s viewed as a necessity when you go out shopping for homes. In many cases, the process is as simple as finding out what you can afford given your current income, levels of debt, and financial obligations. The good news: it’s a lot simpler than you think!
What kinds of financial commitments do I have to make?
There are a lot of options for financing when you make a home purchase, so don’t feel that you have to commit to any particular one at this point. You’ll find that it’s possible to make a 20% downpayment, for example, but there may be types of financing available that require far less—as low as 3%, depending on your situation.
I have a low credit score. What kinds of loan programs are there for me?
If you go through the application process and make sure that your payment is in line with what you can fit within your budget (the typical recommendation is a mortgage that takes up no more than 25-33% of your household budget), then you’ll find it’s possible to afford your first home—and the process may be much simpler than you imagined
Why is now a good time to buy a home?
Although every situation is different, low interest rates tend to mean generous financing terms for people taking on a home mortgage. Having a mortgage with low fixed interest rates, for example, can be a powerful hedge against inflation in periods of higher inflation—where in the interest rates are typically higher. But we should reiterate that every situation is different, and you should do what’s best for your situation and your own family.
What is the next step?
Click through our buttons above to find out whether you qualify for great terms on a new home purchase!