Mortgages these days come in a variety of shapes and sizes. And with so many lenders offering different loan options, it can be confusing as to which type of loan is the best option for you. Southern Home Loans, a division of Goldwater Bank N.A. specialize in the most popular loan products on the market and they include: fixed-rate mortgage loans (FRMs) adjustable-rate mortgage loans (ARMs), FHA loans, VA loans, Jumbo loans, and USDA loans.
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When buying a home in Ocala, the very first step you’ll need to take before shopping for a new home is to get pre-approved for a mortgage. Quite often, agents won’t even show homes to prospective buyers without a pre-approval in hand. Once pre-approved by a lender, you’ll know exactly how much buying power you have to work with and how much house you can afford. Southern Home Loans offer a very quick and easy process to get you pre-approved today.
What You will Need to Provide to a Lender to Get Pre Approved
Lenders will typically require proof of your income, current employment, two years of income tax filings, bank statements, 401(K) funds and other assets you may have. Lenders will take into account your income and all your debts (student loans, car payments, credit card debt, etc.) to determine how much you can afford to borrow and the maximum price of the house they are willing to finance.
Different builders will often offer attractive financing packages that include incentives such as upgrades and discounts – either through their own mortgage subsidiary or through an outside mortgage company affiliate. Before committing to financing through a builder, we highly recommend that you also meet with other lenders and do some comparison shopping.
Popular Home Loan Programs Offered by Southern Home Loans:
- Fixed-rate Mortgage (FRMs) – The number one home loan in America is the fixed-rate mortgage, even though they typically have higher interest rates than other loan types, they still offer the safest term on the market. The reason for their popularity is that borrowers don’t have to worry about mortgage rates going up. Monthly payments remain the same throughout the term of the loan, and the loan should be paid off in full following the last scheduled payment. Most FRMs have 15-year or 30-year terms, the latter being the most popular however they offer 10 and 20 year terms as well.
Marcia Bright, Licensed Real Estate Agent – Serving Ocala FL, Marion County, Citrus County, Sumpter County and Lake County – Call Today! 352.433.0340
- Adjustable-rate Mortgages (ARMs) – ARMs typically have significantly lower initial interest rates than fixed-rate mortgages. Most of these loans are ‘hybrid ARMs,’ – the rate is fixed for an agreed period of time – often 5, 7 or 10 years. After that period, the rate floats according to agreed rules, which usually include a cap on the maximum rate chargeable, perhaps 5 percentage points over the initial fixed-rate. If you’re sure that you’re going to move again during that fixed-rate period then you can safely take advantage of those lower initial rates.
- FHA Loans – The Federal Housing Administration (FHA), which is part of HUD, insures the loan, so your lender can offer you a better deal, such as low down payments, low closing costs, and easy credit qualifying. The FHA program makes buying a home easier and less expensive than other loan programs. The minimum down payment for a FHA loan is 3.5 percent of the appraised value of the home.
- VA loans – U.S. Department of Veterans Affairs (VA) loans work on the same principles as FHA loans. VA loans make it easier for American Veterans or their surviving spouses (provided they do not remarry) who meet strict eligibility criteria, to qualify for a mortgage – even with less then perfect credit and no down payment. The VA loan was designed to offer long-term financing and tend to be less expensive than FHA and other loans overall.
- USDA Loans – USDA loans are a government loan that offers up to 100% financing for the buyer if the property qualifies in an acceptable area of town that is eligible for USDA financing. There are also income requirements and guidelines that your lender will have to verify in order to qualify for USDA financing, along with acceptable credit.
Suffice it to say, there really is ‘no one size fits all’ or ‘best’ mortgage type that’s right for everyone looking to buy a home in Ocala. It all depends on your individual financial position and overall financial goals. Make sure the mortgage professional you choose to partner with goes over the numbers with you, and fully explains the different payment scenarios. Getting real numbers will help you make the best decision. Southern Home Loans will listen to your financial goals and specific situation and tailor one of their loan programs around “You!”
Marcia Bright, License Real Estate Agent – Serving Ocala FL – Call Today! 352.433.0340
Take the first step towards buying a home in Ocala by obtaining a loan pre-approval with Southern Home Loans, our preferred lender. The peace of mind that comes with knowing that your home loan has been approved will allow you to shop for a new home you can afford with confidence. Their mission to you -“Making Home Life Happen!”
“Your Ocala – Neighborhood Real Estate Experts”
Our team is 100% committed to providing the highest level of personalized service, and will work relentlessly to make sure buying a home in Ocala is as stress-free and rewarding as possible! We will also be happy to put you in touch with one of our Spanish speaking preferred lenders today.
Marcia Bright, Licensed Real Estate Agent
915 SE 17th Street
Ocala, FL 34471
Dave Engel NMLS# 136282
Senior Residential Mortgage Originator
SOUTHERN HOME LOANS, A Division of Goldwater Bank, N.A.
NMLS# 1009866, Corporate NMLS# 452955
2050 E Silver Springs Blvd. Ocala, FL 34470: Main Office
13169 Jacqueline Rd. Brooksville, Fl 34613: Spring Hill Location
Direct: 352.200.0805| Office: 352.622.1521 | Fax: 866.260.4880
Email: firstname.lastname@example.org| www.southernhomeloansfl.com