Buying a home is one of the biggest financial decisions you can make, so it is important to set your budget and stay within it. You should also minimize your debts and credit card balances before making the purchase. Our experienced team of mortgage brokers at Infiniti Mortgage can help determine which type of home loan is right for you. Depending on your credit score, assets, and other qualifications, we’ll ensure you find the right home loan for your needs.
What is a Home Loan?
Buying a new home can be one of the most important financial decisions you will ever make. If you want to buy a home, it is important to establish your budget early in the process and understand the various mortgage options available to you. A home loan, or mortgage, is an agreement with your lender to borrow a sum of money for the purchase of a property. You will then agree to pay back the money you borrowed, plus interest, over a certain period of time. Infiniti Mortgage can assist you during every step of the process, determining which home loan is appropriate for your situation and budget.
Infiniti Mortgage offers a variety of home loan products to local Albuquerque borrowers, from conventional mortgages to FHA and VA loans. We will help you find the best mortgage loan for your needs, whether you’re a first time home buyer or looking to move, we’ll assist you every step of the process.
What Do You Need to Get A Home Loan in Albuquerque?
One of the first things prospective home buyers must do is to prepare a budget for their mortgage. This will help them determine how much they can afford to pay for their new home each month, and it will also give them an idea of what their total debt-to-income ratio is. This information is critical to mortgage lenders and will help them decide if you can afford to purchase a home and will verify your income and rental history.
Types of Albuquerque Home Loans
There are several different types of home loans available from Infiniti Mortgage, each with their own set of requirements. Conventional mortgages are available to borrowers with good to excellent credit, and are perfect for home buyers looking to build equity in their home quickly. These types of loans can have a fixed or adjustable interest rate, and can be conforming or non-conforming, allowing home buyers to secure more equity, choose between flexible interest rates, and have less paperwork than both FHA or VA loans. FHA, USDA, and VA loans are backed by the government and offer more favorable terms for borrowers than conventional home loans.
Those interested in purchasing a home in Albuquerque should consider applying for a VA loan. The U.S. Department of Veterans Affairs offers this type of mortgage to active duty military members and veterans, as well as their spouses. In addition, there are zero-down payment programs available to eligible borrowers. Other options include FHA loans, which are perfect for first-time homeowners, or those who already own a house. These loans are available for a new home or refinancing options.
Infiniti Mortgage can help you figure out which types of home loans you prequalify for and assist you in obtaining the proper paperwork if needed. We’ll discuss your credit score, employment status, and financial situation as we work to find the right option for you.
The Process of Obtaining a Home Loan
Getting a home loan in Albuquerque can be complex and oftentimes confusing as it requires a lot of paperwork and a thorough credit review. The lender will also order an appraisal of the property and pay for a title search. This will verify that the property is owned by the legal owner and there are no liens against it.
Lenders typically ask for a list of documents, including identifying documents, paycheck stubs, bank statements, and two years of tax returns. They will also check your credit history and issue a preapproval letter, which is valid for 60 to 90 days. If approved, the lender will send you a Loan Estimate that outlines the terms of your mortgage. This includes closing costs, interest rate, and monthly payments, which usually include principal, taxes, and hazard/homeowner’s insurance (PITI). Infiniti Mortgage will assist you with every part of the home loan process, and ensure it goes smoothly so you can find your perfect home quickly.
Infiniti Mortgage for Home Loans
The home loan process is complex and requires careful consideration. Using a broker with access to several types of lenders and mortgage companies can provide borrowers with more options, which is why Infiniti Mortgage is here to help.
If you’re ready to get started on the home-buying process but are unsure of where to start when it comes to obtaining a home loan, trust Infiniti Mortgage to help. Contact Infiniti Mortgage for a home loan consultation and learn more about what loans you may qualify for today.