How to manage stress during the house hunt?

Buying a home can be extremely stressful, even if you aren’t looking to buy “right now”. The process can be tough. Here are a few tips to take into consideration and manage your stress during the house hunt.

Know what you want

Before you start looking take some time to think of what you want it a home. We suggest making a list, perhaps creating a pros and cons list! This way you can communicate with your realtor and set the guidelines before the search begins.

Start looking in advance

Give yourself enough time to look at houses and settle the idea of potentially calling a place your new home. Don’t wait till you NEED to find a home. This little step will remove a large portion of the stress and will also help avoid any “impulse” decision making.

Get pre-approved

We suggest getting pre-approved for your mortgage loan in advance. This will save time and ensure you are good to go! If you don’t manage to get pre-approved this will give you some time to clean up your credit score and finalize what kind of budget you have when looking for your new home.

Be a note taker

After checking out homes and going to a few open houses you may start to forget what interested you on a specific property. We recommend taking notes at every property to help you compare and contrast when making the decision. Note down key selling points, location, surrounding areas, and things that you did not like.

Don’t get attached

Don’t fall to hard when you think you found the home for you. Keep the sentiments out during this process; avoid planning out furniture, baby bedrooms and such for now. There is a chance that someone may purchase the house before you or have a better offer. We suggest keeping a casual attitude and keeping your options open.

New Year, New Homeowner Tips

Welcome the new year with a new home! As one of the biggest investments many of us will make is buying a home, mistakes can be costly. In order to help new homeowners here are some useful tips that will help you begin the home buying process.

Determine how much home you can afford and what you would like your payments to be – Before you start looking for a place to call home, strategically think about your price range.

Check your credit – This can determine your interest rate and loan terms, check to see if there are any errors that may be bringing your score down. You can also take a look at what opportunities you have to improve your credit, such as paying any large outstanding debts. You can also avoid opening any new credit accounts during the mortgage process to keep you score up.

Know that there will be closing costs – In addition to saving for a down payment, you should budget for an additional 2% and 5% of your loan amount. These costs can be lowered by negotiating with the seller or your real estate agent’s commission.

Money for after move-in day- Set aside a buffer to pay for what will fill you home; furnishings, appliances, rugs, updated fixtures, new paint amongst other things.

Consider HOA- decide what type of property you are looking to purchase, be sure to research and ask if there are any homeowners associate fees (HOA) on the home.

Pick the right neighborhood- take a look at local safety and crime statistics, proximity of the nearest hospital, pharmacy, grocery store and other amenities you will frequently use. It is recommended to also research local schools, even if you don’t have kids as this affects the home’s value. You may also drive through the neighborhood on various days at different time to see how traffic, noise and activity levels are.

Be prepared to compromise- nothing is perfect, think carefully as to what you are willing to compromise and what you wouldn’t.

Schedule your Purpose Funding consultation- take some time to speak with one of our mortgage experts and learn about the different options that fit your needs. Our Mortgage Experts can look at your situation and structure the loan to your specific needs and situation.

What is a VA loan? & VA financing tips

Purpose Funding is proud to offer the best options to our American Hero’s- VA loans for Veterans Helping Veterans! Our VA loan can help you acquire your home with no money down, cash out up to 100% of your equity, or drop your payments with no appraisal or income qualifications. With no closing costs and nothing added to your loan options!

What is a VA loan?

A VA loan is a mortgage loan in the United states that is guaranteed by the United States Department of Veterans Affairs (VA). This program is offered to American Veterans, Military member who are currently serving in the U.S military, reservists and select surviving spouses- to be used in purchasing single-family homes, condominiums, multi-unit properties, manufactured homes, and new construction.

Benefits include-

  • No Money Down
  • Lower Monthly Payments
  • Easy to Qualify

Our VA loan tips and checklist-

  1. Meet with a Purpose Funding team member
  2. Make a plan that is right for you. Determine what your ability to afford the monthly VA loan payment options are.
  3. Understand the advantages of VA loans with Purpose Funding!
  4. First time homebuyer? Determine what you would like for your first home. For example, size, location, featured, etc.
  5. Decide if you would like a 15-year or a 30-year VA mortgage payment. For more information on the difference of a 15-year and 30-year mortgage click here!
  6. Prepare your paperwork. Be sure to have important documents like your personal contact information, primary borrower details, social security number, employment information, income, assets, debts, and monthly debt payments to expedite the process.
  7. Get your VA loan pre-approval!

Get a quick quote online today with Purpose Funding, click here! Or give us a call at (844) 427-3863


What you need to know about FHA loans?

Did you know that you can qualify for a home loan even if your credit score hangs out in the 500 range?

Purpose Funding can help you with FHA home loans! Acquire your home with little to nothing down, or use our FHA Loan to cash out for debt consolidation and home improvements. You could also drop your payments with no appraisal or income qualifications. No closing costs and nothing added to your loan!

Here are some helpful tips to keep in mind-

  1. Know your credit score – It is important to know your score in this process to determine where you stand.
  2. Get your closing costs covered – With Purpose Funding there is no need to worry about closing costs. We got you covered!
  3. Purpose Funding is FHA Approved – Did you know FHA is not a lender, but rather an insurer, borrowers need to get their loan through an FHA-approved lender. We are FHA approved!
  4. Borrow cash for repairs – Need extra cash to make repairs on your home? Use the FHA Loan to cash out for home improvements.
  5. Give us a call! – Learn more about FHA loans and how Purpose Funding can help you. Give us a call toll free at (844) 427-3863

How Are Mortgage Rates Determined?

Have you ever wondered how mortgage rates are determined?

Mortgage rates are largely dependent on the changes in the market and economy. As common with stock markets, interest rates tend to fluctuate each day and this also applies to the mortgage market. Mortgage rates tend to rise when the economy is strong and drops when the economy falls.

Other factors that can also affect Mortgage interest rates include;
• The length of the mortgage loan: Mortgage rate for 15 years loans is quite lower than the 30-year loan. This is definitely one of the factors that tend to determine how high or low your mortgage rate may be.
• The type of mortgage loan: There are two major types of mortgage rates; fixed rate or adjustable. Depending on any of the types, mortgage rates tend to peculiar to that particular type.
• The amount of the loan. This is because it presents a higher risk and most lenders tend to base their mortgage rates based on the amount of risk the lender feel is associated with the loan.
• The amount of your loan vs. the value of the house ( known as LTV). The lower the loan, compared to the value of the home will generally yield a lower interest rate.
• Your credit score: Individuals with great credit score tend to receive mortgage loans at a lower mortgage rate than others.

Every client is different and we look forward to discussing your needs and finding the best loan possible, for your individual situation. Get your free mortgage rate quote today, Purpose Funding can help! Give us a call or fill out our online form now.

Toll-Free (844) 427-3863