We work hard to close on time without the hassle. Whether you are a first-time buyer or an experienced homeowner, purchasing a new home can be a stressful process. We take the stress off your shoulders and walk you through the process every step of the way! We will find options and programs for your specific needs. When deciding on a home purchase loan, you want the choice with the interest rate, monthly payment and term options that fit your personal situation. At RealCap Financial Corp., we consider all of your needs, finances, and history to help you choose the right home loan for you. Our experience and expertise in the industry allows us to assist you in finding the home loan financing that is best suited for your needs. Take a look at the different loan options and contact us at any time to discuss the purchase of your next home.
Before even looking for your first house, we can help you get mortgage prequalified. Some realtors may even require this prior to showing homes.
RealCap Financial Corp can help you get pre-qualified and, on your way, to home ownership! Simply fill out our Mortgage Pre-Qualification Form securely on our website.
It is always good to determine how your credit looks. Luckily in this computer age there are many ways for us to easily and quickly check our credit ad credit scores. There are multiple sites out there to check your credit for free. Two that we like are www.freecreditreport.com and www.creditkarma.com . If you have a credit score below 640 you may want to dive deeper into your report to see if there are opportunities to increase that score. Ways to that would be by dispute errors if there are any with the credit bureaus, make sure you are current with all monthly payments, and reduce debt where possible.
RealCap Financial Corp loan specialists can help guide you through the loan process. We can help you get you pre-qualified for free before you even find your new home and we can match you with a trusted real estate agent through our partner networks. Our variety of loan options allow you to buy your first home with very little down and we will work to ensure the loan payments meet your unique needs. Speak with one of our experts to find out more and see if you qualify!
Perfect for the buyer that wants to put less money down. Purchase your house with as little as 3.5% down!
The most secure loan program. Lock in a low payment and sleep tight knowing your rate will not change.
Begin your home loan process today! Our mortgage advisors are standing by. Request a free personalized rate quote.
For some home buyers, the decision of how much money to use as a down payment can be very confusing and hard.
The route for each buyer or investor really does depend on their situation and personal preferences. The summary below reviews four issues that all home buyers and investors should consider about down payment:
The “Down Payment Requirements” chapter reviews the minimum down payment needs for conforming loans, as well as some of the available alternatives with non-conventional (FHA loans) programs.
For example, you can purchase a single-family home or condominium with as little as 3.5% down payment. But there is a price for lower down payments on conforming loans: mortgage insurance (often called PMI, private mortgage insurance).
Mortgage insurance is required when the conforming loan amount is MORE than 80% of the purchase price (practical translation: down payment is less than 20%). Also, the lower the down payment, the higher the premium ratio charged.
Even with less than less than perfect income and credit we may have a program that fits your needs.
Low or no down payment programs have two primary costs:
The downside of a small down payment, whether you are using a conforming loan or a non-conforming program, is that you will need to pay higher interest rates and mortgage insurance.
Mortgage insurance is calculated against the loan amount, so you get hit with a double-whammy. Lower down payment means a higher loan amount and a higher mortgage insurance rate. Mortgage insurance can be removed once sufficient equity is produced. So if the property shows at least 20% equity in a few years, the mortgage insurance can be refinanced away.
A related burden of lower down payments is obviously higher loan amounts, which translates into higher monthly payments. Consider, for example, the purchase of a $100,000 condominium with market interest rates of 6.500%.
During the first few years of the mortgage loan, the bulk of your monthly payments are for interest—which is normally tax-deductible. So you actually get a bit of your monthly payments back at the end of the year in the form of tax deductions.
Though the disadvantages of low down payments seem serious, there are also advantages. Take time to weigh the two and assess which is the best for you.
The chief benefits of lower down payment include the following:
How much to put down should be carefully thought out. You must make your own personal calculation, of the monthly payment that you can afford. Obviously, the lender will qualify you for a certain level, based on your income. But that qualification level is often different from the level that you feel comfortable with. Your mortgage lender may have qualified your income for a monthly mortgage payment of $1,500; however, you may feel that you can realistically afford only $1,200 per month. If that is the case, you must lower the loan amount by increasing the down payment or finding a less expensive property.
Consult with your loan officer about the best situation for you, as well as ways to eliminate or minimize mortgage insurance.
A dream home may be within reach. RealCap Financial Corp can help with investment property loans. Our pre-qualification process will ensure you are ready to buy and we can assist in finding the best real estate agent to meet your needs!
Speak with one of our experts to find out more.
Take advantage of low rates by locking into a low payment with a traditional 30-year loan
Get the same security of a 30-year fixed rate mortgage but pay your mortgage off in half the time
Increase your bargaining power by getting pre-qualified with us today.
Not sure which program is right for you? Contact our office and speak with one of our specialists today! The RealCap Financial Corp team can get you pre-qualified and find you the loan that best meets your needs. Find out how you can get pre-qualified today!
Simply put, a mortgage refinance is the replacement of an existing mortgage with another mortgage under different terms. Mortgage refinancing can lower your monthly payments, which can add up to significant savings. Knowing your current mortgage rate is important. We can keep you informed and help decide when a refinance may be best.
Mortgage rates are still low and very attractive. A refinance with RealCap Financial Corp can help you lower your monthly payment and possibly save you money. Contact us today to find out if you qualify for a refinance.
Lower those rising mortgage payments with a government-insured fixed-rate loan .
Find stability with a traditional fixed-rate loan option.
Pay less over a traditional fixed rate mortgage for the first years of your loan with a 5 or 7-year ARM. Get the lowest rates available and save money.
You could pay off those higher-interest debts by refinancing to a lower rate. Even with less-than-perfect credit, we can help you lower your monthly payment and pay off your higher-interest debt. By consolidating your payments into one low monthly payment, you may pay less each month. Depending on the program that works for you, you might be able to pay off your debt sooner, which may help improve your credit score.
The shorter the term on your mortgage, the lower your mortgage rate. Did you know that you may be able to take advantage of today’s competitive rates by shortening the term of your loan? There are many options available that could potentially help you pay off your mortgage faster and could help you save money.
We offer information on a variety of mortgage refinancing rates and options. When you are ready to take the next step, feel free to give us a call or send us an email. RealCap Financial Corp can advise you on which mortgage refinancing program meets your needs, and help you refinance with minimal hassle and work .
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