Here are a couple of important things to know about the loan buying process.
If you’re going through the loan buying process, there are a couple of things you should know.
First, I know the emotional aspect of buying a loan is both intriguing and frustrating—I have a couple of family members who are buying homes right now, and I buy homes occasionally. It can feel like you’re being poked and prodded throughout the process because banks want to know as much about you as they can before they lend you money.
It’s important to remember that you’re not being poked and prodded anymore than usual—it’s just part of the process. Buying a home is an emotional process in general, and it can be mentally taxing, so I know what you’re going through, and I’d be happy to answer any questions you have about your specific situation.
Second, there are several loan programs that allow you to put down less than 20%. With an FHA loan, for instance, you can buy with just 3.5% down. With a conventional loan, you can buy with just 3% down. You don’t have to cosign for these loans, either. There are other loan programs where you can get primary-resident interest rates in the 3% range.
If you’d like to know more about the loan buying process or have any other real estate questions, don’t hesitate to reach out to me. I look forward to speaking with you.