Financing is the process of lending money to people looking to make large purchases, such as cars or homes, which they cannot afford to pay for upfront. Through financing, potential homeowners can obtain a loan that they typically pay over a 15-30 year period, allowing them to buy the home of their dreams.
People who already own a home and have a loan, or mortgage, also have the opportunity to re-finance their home, adjusting their loan and interest rate for new values that are more affordable or preferable. Through both financing and re-financing, people can own a home and focus on enjoying it, rather than worrying about their financial status.
Your Loan and Financing Options
When a person finances a home, they have the opportunity to obtain one of several different types of loans. The type of loan that a person acquires will depend on a variety of factors, such as risk level, credit score, budget, down payment, and salary. Once all these components are considered, a person looking for a loan may be able to obtain one of the following:
- FHA Loan
- Jumbo Loan
- Conventional Loan
- Reverse Mortgage
Additionally, financing can be done through numerous avenues, providing current and future homeowners with an option that works best for their situation. Some of the financing programs that may be available to you include:
- Reverse Mortgage
- Home Equity
- VA IRRRL/Purchases
- My Community / Home Possible
Although buying a home is an exciting adventure, it can also be extremely stressful, especially when considering your financial options and future mortgage. Fortunately, whether you are a current homeowner looking to rework your existing loan or a new home buyer looking for an affordable mortgage, our expert team at Easy Road Home can help you get the financing that is right for you and your budget. Contact us to begin working through your financing options and get started on the path to owning your dream home.