Let’s Dive Into Loan Options

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How can you be sure you’re making the best decision about your home financing? There are so many choices, different requirements, and special programs … it can make your eyes cross. You’ve got nothing to fear, however — your intrepid Loan Officer (that’s me) is here to help you choose the best financing for your personal needs!

When you apply for your mortgage, I’ll be asking you a lot of questions about your finances, and my team will need to gather paperwork from you. If you can get started gathering these things now, it will help your application move along more smoothly when the time comes.

Documents to gather include:

  • Most recent tax returns
  • W2s and/or 1099s
  • Recent bank statements
  • Recent paystubs
  • Residence history
  • A list of all your debts, such as credit cards, car loans, student loans
  • A list of all your assets, including investment and retirement accounts

Choices, Choices, Choices

Different loans for different folks: What suits your sibling or neighbor may not be right for you. Do you have 20% of the sales price in cash as a down payment? If so, you may want a conventional loan. Short on cash? An FHA loan only requires 3.5% down. Here are a few other common types of loans:

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This chart is for example purposes only and does not fully outline the specific requirements of each loan program. Program rates, terms, and conditions are subject to change at any time.

And we haven’t even talked about fixed rates and ARMS, or buydowns, or balloon payments, or special programs like HomePath and down payment assistance programs. All of these options will be considered once we have your complete application in order to help you select the loan that’s right for you.