Purchasing a home is a huge transaction and not one you want to enter into lightly. It can also be an exciting adventure, particularly if it’s your first home purchase.
The excitement can quickly fall to the wayside, however, if you’re unfamiliar with the process and find yourself in over your head. When you apply for a mortgage, you may find that there is a lot more to it than you’d anticipated. Using the right Phoenix loan officer can make all the difference.
Learn what we can do for you and why it may be beneficial to talk to us when you’re ready to apply for a mortgage.
We are professionals trained in the areas of finance, business and loans. We can not only help get you through the process, but also help you choose the loan that’s best for you and/or your family.
What many people don’t realize is that there are different types of mortgage loans to choose from, and your local Phoenix loan officer is going to have the inside scoop on which type is best for you and your family.
FHA Loans – FHA loans are loans that are backed by the Federal Housing Administration.
They do require that you purchase mortgage insurance, but also offer benefits. They typically offer lower interest rates and are available to borrowers with less-than-perfect credit scores.
FHA loans also require only a 3.5 percent down payment. They are an excellent option if you’re a first-time home buyer.
VA Loans – VA loans are mortgage loans available to veterans and their spouses.
They are backed by the Department of Veterans Affairs, so they are also attractive to potential homebuyers or homeowners interested in refinancing their current mortgage loans.
They’re also available to consumers with less-than-perfect credit. The best features of VA loans are that they do not require mortgage insurance and typically don’t require a down payment.
Conventional Loans – Conventional loans are mortgage loans you get through lending institutions like banks, savings and loan, credit unions and private lenders.
They may or may not require mortgage insurance depending if you have at least 20 percent down payment.
Credit scores, home values, down payments and debt-to-income ratios usually determine interest rates.
While conventional loans may appear to be the most unattractive of the three types, there are times they’re the best option. Here again is where a home loan specialist can be of great service.
Since you’ll probably be making payments on your mortgage for anywhere from 10-30 years, you want to make sure you’re getting the best and most affordable loan that is offered in the Phoenix area.
As your loan officer and team, we assist you with the following.
Having the right loan officer working with you can make the difference between a complicated or easy transaction.
It can also leave you with the confidence that you got the best deal and are armed with the information you need regarding your mortgage loan.
Let Jimmy V, Phoenix loan officer, and his Highly Motivated Truly Dedicated Vercellino Team help you get the home of your dreams, with right type of mortgage loan with the best interest rate!