Most Americans dream of owning their own home and are unsure how to start the process and go from renter to home buyer. The first step is determining your ability to borrow and how much you will be able to borrow for your income level. The best way to do this is to consult a local mortgage broker to become pre approved. You may also contact me for a free home loan prequalification.

There are now 40 year home loans as well as 10, 15, 20, 25, and 30 year home loans. The 40 year home loan is a relatively new product and provides buyers with yet one more home loan program to consider obtaining a lower mortgage payment each month.

There are even 50 year amortization home loans available if you need the lowest possible payment. However, these loans typically carry a higher interest rate, so there may be better options available that will still allow you to keep your monthly payment in your comfort range.

If buying a property for the sole purpose of investment is your need, there are plenty of lenders that will finance your investment loan. Just speak to your mortgage professional to begin the loan process.

How much house can you afford? Your loan officer can help you determine both conservative and aggressive maximum loan amounts with a process called pre-qualification. For an accurate pre-qualification your loan officer will analyze monthly income and debt as well as cash and assets available for down payment or closings costs. You may find that you qualify for a higher loan amount than you are ready to afford. If so, then your loan officer can pre-qualify you based on the maximum monthly payment you feel you can afford.

A home loan is a mortgage loan or a lien on a property. With a home loan you will have an interest rate, which will be the rate that you will pay for borrowing the money to buy a home, a specified term for the loan such as 30 years which is the most common, and a monthly payment that you will be required to make for the term of the loan. There are many different types of home loan programs available for you, so consult your local mortgage consultant to see which mortgage program will be right for you.

You may qualify for a mortgage even if you don't have money saved for a down payment or closing costs. There are many loan programs that offer 100 or 103% financing. Let a mortgage professional find the program that is right for you.

Home Loans
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