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Homeownership | Capprice Kitchen with Pineywoods Realty Blog

Wednesday, July 28, 2021   /   by Capprice Kitchen

Best Home Loan Types in 2021

Most people need financing to buy a home. Even with a large down payment, you’ll need a loan to make up the rest. Fortunately, in 2021, you have many options. Mortgage guidelines have loosened up in recent years making it easier for most people to secure a loan.

Here are the top home loan types buyers use in 2021.

Conventional Loans
Conventional loans are the ‘typical loan’ most people think of when talking about a mortgage. Contrary to what most people think, though, you don’t need a 20% down payment. Conventional loans require just 3% down for first time homebuyers and 5% down for subsequent homebuyers.
You do, however, need decent credit. Conventional lenders typically require a credit score of 660+ to secure financing. In exchange for your good credit, you’ll get low rates and fees, and you can cancel any Private Mortgage Insurance once you owe less than 80% of the home’s value.
FHA Loans
FHA loans are a government-backed loan. ...

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  buying a house, mortgage, homeownership, lending, types of loans

Tuesday, July 27, 2021   /   by Capprice Kitchen

Keeping the Homeownership Dream Alive

Buying and owning your own home is no easy task, and there are moments on everyone's journey when they feel like it's impossible. However, there are plenty of resources available to help make your dream of becoming a homeowner a reality.

The first step you should take when you're ready to consider buying a home is to check your credit score and/or start building your credit. Lenders want to see that you’ve been able to pay back borrowed money on time, and without missing payments or defaulting on a loan. If you have a poor credit score, you'll need to spend the next several months, or even years in some cases, improving it by paying off any debt you currently have and making sure to make all payments on time in the future. This is a great time to find a mortgage loan officer that you trust. They will periodically check in on your progress and make any suggestions to further improve your credit score. 

Another way to keep your dream of homeownership alive is to start sa ...

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  buying a house, mortgage, first time home buyer, homeownership, first home