Buying a new home?
As your Trusted Advisor, we're here to help.
Congratulations on your decision to buy a new home! There are many important things to consider throughout the process, especially if you're a first-time homebuyer.
Conventional Fixed Rate Loans:
A fixed rate mortgage loan provides you with the security of a monthly principal and interest payment that never changes because the interest rate is locked in for the entire loan term. The only change could be an increase or decrease in the amounts collected for mortgage insurance, real estate taxes, or property insurance (escrow payments).
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Terms from 10 – 30 years
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Programs with no Private Mortgage Insurance (PMI)
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Complimentary pre-qualification
Adjustable Rate Mortgages (ARM):
With an ARM, you could take advantage of a lower interest rate initially. The interest rate changes at predetermined intervals based upon the Treasury index. The change in interest rate will also affect how much your monthly principal and interest payments will be.
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Note rate may change annually after initial term of 3, 5 or 7 years
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Monthly payment is lower in the early years of the mortgage
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To minimize interest rate increases, ARM loans offer the protection of annual and lifetime rate caps
First-Time Homebuyer Program:
If you’ve never bought a home before or it’s been a long time, you could qualify for our First-Time Buyer Program.
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Special grant funding for down payment and closing cost assistance
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Affordable monthly payments
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Lower closing costs and a very low down payment
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No income restrictions
Jumbo Loans:
Jumbo loan programs start at $417,000 and offer financing on amounts exceeding the "conforming" loan limits. Jumbo loans are available as regular purchase loans, construction/permanent loans and for refinancing.
FHA Loans:
The Federal Housing Authority (FHA) offers affordable mortgage loan options to qualified home buyers. FHA loans are insured by this government agency. There are some limits to loan amounts but they’re reasonable enough to accommodate most buyers.
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Minimum down payment
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Down payment and closing costs may be gifted
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Seller may contribute towards buyer closing costs
VA Loans:
The Veterans Administration (VA) is a mortgage loan program for individuals qualified by military service or other entitlements. VA Loans are backed by this government agency. There are some limits to loan amounts but they’re reasonable enough to accommodate most buyers.
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Zero down payment
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No private mortgage insurance (PMI) requirement
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Easier credit qualifying
USDA Loans:
The U. S. Department of Agriculture (USDA) sponsors this mortgage loan program for development in rural areas. Eligible borrowers* in rural areas can qualify for fully-financed mortgage loans.
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No down payment required*
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Not limited to first time home buyers
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Flexible credit guidelines
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Closing costs may be gifted
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New or existing homes
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No loan limits (with qualifying income)
Free pre-qualification:
We’re available to meet with you any time to make sure your current mortgage is still the best option for you. Knowing how much home you can afford is a benefit to you when you’re house-hunting. You’ll be able to focus on shopping within your budget and will save time when you’re ready to make an offer. Plus, having a pre-qualification provides you with a negotiating tool.
Get pre-qualified today!
Apply now for a better mortgage experience through Encompass:
Our online application process is conveniently designed to allow you to stop any time and pick up where you left off. After you submit an application, you can check loan status at your convenience.
Just click the apply button to get started!