One of the most asked questions about Mortgages
“How can I afford a mortgage when the average interest rate still as high as it is?”
We know, we know. Mortgages look really scary as you’re watching the news- the interest rates have blown up, it seems near impossible to afford a mortgage payment for a home, especially as a first-time homebuyer. So why are people deciding to buy property right now?
Multiple Financing Options
The answer is: most of our clients actually have more financing opportunities than they realize!
Often times our clients come in knowing the following options:
✨VA (if you’re in the military)
But the truth is, there are an abundance of options out there. Often times a localized lender has developed mortgage options to help buyers in their specific area.You just have to dig a little deeper with your lender!
Some options we’ve seen lately include:
✨Buydown Mortgages: You can receive a lower interest rate for at least the first few years of a Buydown Mortgage.
✨ PHFA K-FIT program: This program provides eligible applicants with partially forgivable loan options
✨ ARMs: This program is for home buyers searching for lower initial interest rates or planning to sell or refinance shortly.
✨ Bridge Loans: These types of mortgages are short-term financing that will help you bridge the gap between current and new mortgage loans.
These are few of the many of the options from one of our preferred lenders, Traditions Mortgage.
Some lenders offer hyper-localized mortgage options that are specfically curated to encourage first time home buyers to purchase in urban areas, or investors to invest in some dilapidated properties. If you can dream it, it is likely that a mortgage company or bank has created a program to make the dream happen.
Depending on your location and qualifications, there are MANY other creative options that could fit you and your circumstances perfectly.
How to Qualify for a Mortgage
If you are a first time home buyer, or you have not bought a home in the last 5-7 years, there is likely new information out there about mortgage options in your local area.
Usually, our first suggestion is to reach out to your realtor and seek their trusted lender. Realtors often work frequently with certain lenders and have suggestions for great ones. Some lenders are better in certain circumstances, so do not be afraid to share some deeper information with your realtor.
If you currently do not happen to have a realtor, welcome! You are in a great place! But also, if you would rather wait to work with a real estate professional until you are pre-qualified, you can reach out directly to a lender.
The lender will likely need to gather basic information from you at the beginning, and it is in your best interest to be as accurate as possible. In addition to name and identification, the lender will also want to know your income and debt amounts, as well as the information of any other person that will be on the mortgage with you.
Reach out through the # below and we’d love to get you in touch with a lender we trust, if you want to get started!.
The Kline Corbett Group | KW Elite
📍 KW Elite | 5139 Main St, East Petersburg PA