Steps to Finding a Great Home Loan

Getting the right home loan is just as important as finding the right home. Ideally, you will structure your financing in a way that fits into your budget today and for as long as you own your property. Let’s look at some steps that you can take to borrow money to buy a house in a savvy manner.

How Long Will You Live in the Home?

If you are planning on living in the home for less than five years, opt for a loan with an adjustable rate. They generally come with lower initial rates that won’t change for the first five years. In the event that you do plan on living in your home for more than five years, a loan with a fixed rate may be best. This is because you benefit from a consistent mortgage payment each month, which makes it easier to budget over periods of several years.

Do You Want to Make a Down Payment?

A traditional mortgage requires you to make a down payment of 20 percent. However, you may prefer to keep your money in the bank or in a brokerage account. If this sounds like you, look into government loans that require down payments of 3.5 percent or less. As long as you have a credit score of 580 or higher, there is a good chance that you qualify for a lower down payment amount.

Loan Terms Can Be Negotiated

Working with a loan officer in Las Vegas may make it easier to get a loan that meets your needs now and into the future. In most cases, you can negotiate down payment, interest rate and other loan terms. This helps to create a custom financing option that helps you afford and truly enjoy your new home.