How To Choose The Right Home Loan For You

Shopping for a mortgage is much less fun that other purchases you’ll make — like summer dresses or a smart TV or pretty much any other product! Unlike bargain hunting, shopping for a mortgage comes with a ton of jargon and complicated fees, not to mention you’re making one of the largest investments of your lifetime.

While mortgage financing isn’t something to take lightly, there are some steps you can take to make the process go more smoothly. Here at Patriot Home Mortgage in St. George and Mesquite, we work every day to help our clients purchase their dream homes. We love what we do, and we’re here to help you every step of the way! Continue reading to learn more and if you’re ready to start the mortgage financing process, contact us today.

Know how much you can afford

While it might be fun to tour beautiful, million-dollar homes, they’re out of most people’s budgets. If you do happen to have that large of a budget though, you might consider a jumbo mortgage, and we’re more than happy to talk with you about your options.

Whatever your financial situation, it’s important to know your budget before you start out and to stick to it. Real estate agents are likely to be more optimistic about your options but know that their job is to sell a home, and your job is to pay back the loan.

If you don’t have the ability to make a large down payment or have poor credit, know that there are home loan options for you. An FHA loan, VA loan, or USDA loan could be the way that you’re able to purchase your home loan. We’d love to talk with you about your options.

Consider the length of the home loan

If you’ve never bought a home before, the words “30-year mortgage” probably makes you want to hide under the bed. That’s a huge commitment. But there are also 10- and 15-year home loans, and if your budget allows you to make bigger payments, you can significantly shorten the number of years that you’ll be paying off the loan.

Choose the right mortgage

We have a bunch of resources on the different types of loans we offer, which you can peruse if you’d like to know more. The biggest thing to know is that you do have options. There are special types of loans for different types of borrowers, and if you fit into any of these categories, ask our mortgage company about your options:

• If you have a military connection, you may qualify for a VA loan. Our mortgage company specializes in VA loans — it’s why we’re called Patriot Home Mortgage!
• If you live in a rural or suburban area, you may qualify for a USDA loan.
• If you have a lower credit score, you may qualify for an FHA loan
• If you’re looking to buy a house that requires mortgage financing that is larger than standard loan guidelines, you may qualify for a jumbo loan.

If you don’t fit these descriptions, you most likely are a good fit for a standard home loan. 

Patriot Home Mortgage – Mortgage Financing

We hope you found these tips for choosing the right mortgage helpful! If you’d like to talk about your situation or start the home loan process, contact us in St. George or Mesquite.