Locking in favorable terms with a fixed-rate mortgage. As of this writing, interest rates are at their historical rock-bottom. Receiving a fixed-rate mortgage lets you potentially lock in the most affordable terms we’ve seen.
The Money-Saving Secrets of the Home Purchase
If you’re tired of throwing rent toward the landlord, you can keep some of that money by putting it toward the principle of your very own home mortgage. Why bother? Here are some of the money-saving secrets that homeowners can enjoy:
Get pre-approved for a mortgage to do your research first. Ready to shop around? There’s no pressure. Get pre-approved for a mortgage and find out how much home you can afford—these are essential next steps that convince a home seller that you mean business.
Buy the home you can afford. When you know your total monthly liabilities, your income, and your credit rating, you can easily calculate just how much home you can afford. This will help ensure that you buy a house that remains a long-term blessing and not a strain on your budget.
The Stats: What You Need to Know Before You Buy a Home
Homeownership is common. In fact, statistics from 2019 show that the homeownership rate was a staggeringly high 64.8%, which means the majority of people have gotten out of the rent cycle and into their own home.
You don’t need experience. First-time home buyers constitute one-third of all home buyers, which means that you don’t have to feel intimidating by the home buying process, even if it’s your first time. It’s far more common to be going through this process for the first time than you might imagine.
The average length of time is low. Have house fever? You’d be surprised how quickly things can move. The average length of time between someone visiting a potential home for purchase and the closing date was only 73 days, or two and a half months.
Are you interested in finding out if a home purchase makes sense for you? Are you ready to join the ranks of homeowners and lock in potentially low rates?
2 Ways to Use Your FHA 203(k) Loan
Buy a Fixer-Upper (and Fix It Up)
Or... Renovate Your Current Home!
My experience was wonderful. I became a homeowner at a late age in my life. Rhonda Johnson made me a believer in it. She inspired me. I asked a million questions and she gave me answers every time. She set the expectations from the beginning that it would be long but to hold on. Brandon has someone on his team that will fight for you to become a homeowner. Buying a home is the one of the best things in my life I have ever accomplished. I have rented all my life and once believed I would be renter all my life until Rhonda Johnson educated us on how it can be done. We made the intelligent move by working with Intelligent Mortgage. We are homeowners today and spent our 1st thanksgiving in our new home. Thanks Rhonda, Randy, and Brandon for being the best team anyone who wants to buy a home would ever need. I also got a great rate during a pandemic. 2020 has been a tough year but this experience made it better. - Jimmie Bates
Brandon and Intelligent Mortgage is by far the most knowledgeable and professional company that I have been involved with as a client and as an employee. Over the years Brandon and his team has done 2 mortgages with me, not to mention several of my friends and family. We not only had a professional relationship but we became friends. So when I decided to change careers into the mortgage business, Brandon was the first person that I called for advice. Once I passed my NMLS exam, he hired me as an employee. I have nothing but good things to say about Brandon and this entire team. - Shaun Brignac
I did a refinance with Randy at Intelligent Mortgage and the process was easy and painless. Randy is fist class and the absolute best! I would highly recommend Intelligent Mortgage for all of your mortgage needs. - Scott Roccaforte
Brandon and his team are amazing. My refinance was seamless. The communication between him and everyone else I dealt with was always consistent and timely. He shopped the best rate with all of his lending partners and ended up saving me thousands. The money I saved each month is getting paid still and it’ll knock 8 years off my mortgage payment. - Kiel Harton
One of the most professional dealings I have ever dealt with from a mortgage company. Brandon was upfront, professional, and kept us always two steps above. He reached out to us when rates dropped and was beneficial for us. Will continue to use company. Highly recommended - Answar Dotson
Your Renovation Wish List Could Include...
Increase window size
Bring in more natural light
Finish a basement or attic
Create a mother-in-law apartment or guest space
Correct foundational issues
Protect your investment for the long-term
Add a detached garage when one does not exist
There’s room for everyone
Knock down walls
Open up the floor plan to create versatile, welcoming spaces
Flood-proof your property
Add a retaining wall to prevent expensive damage
Repair the pool
Tired of leaks and cracks? Fix the pool & start enjoying it
Expand or refresh the kitchen
Cooking is just more fun in an updated kitchen
Add square footage
Growing your family? Grow your home alongside it!
After remodeling, 74% of owners have a greater desire to be in their home, and 65% have increased enjoyment in their home.
How Does a Renovation Loan Work?
Depending on the types of repairs you plan to do, you have two options when it comes to securing a FHA 203(k) Renovation Loan: Limited and Standard.
What Do First-Time Home Buyers Need to Know About Buying a Home?
Why should I buy a home rather than rent?
Everyone’s situation is different. However, in the era of low interest rates, a new home purchase can make financial sense for a lot of people. Locking in these low interest rates can mean paying less for more square feet in some cases. That said, every person’s situation is different, and your motivations for buying a home (including the need for more space or privacy) may differ from other people.
How do I start the home buying process?
One of the best ways to show that you’re serious about buying a home is to get pre-approved for a mortgage. This will give you some leeway when it comes to making offers when you view homes. And in some cases, it’s viewed as a necessity when you go out shopping for homes. In many cases, the process is as simple as finding out what you can afford given your current income, levels of debt, and financial obligations. The good news: it’s a lot simpler than you think!
What kinds of financial commitments do I have to make?
There are a lot of options for financing when you make a home purchase, so don’t feel that you have to commit to any particular one at this point. You’ll find that it’s possible to make a 20% downpayment, for example, but there may be types of financing available that require far less—as low as 3%, depending on your situation.
Why is now a good time to buy a home?
Although every situation is different, low interest rates tend to mean generous financing terms for people taking on a home mortgage. Having a mortgage with low fixed interest rates, for example, can be a powerful hedge against inflation in periods of higher inflation—where in the interest rates are typically higher. But we should reiterate that every situation is different, and you should do what’s best for your situation and your own family.
What is the next step?
Click through our buttons above to find out whether you qualify for great terms on a new home purchase!
What should I do next?
Simple. Click any of our buttons above and find out if your first time home purchase can be as easy as we say it is here. Don’t worry about a low credit score, either—you’ll find that there are plenty of programs out there that can help.