Why Choose Empire Lending Group For Your Mortgage Loan?
Whatever your circumstance or type of mortgage lending you need, Empire Lending Group can support you. From FHA (Federal Housing Administration) to conventional loans, or refinancing to first-time buyers, our mortgage advisors can help. Our team provides expert advice and will be with you every step of the way.
Can You Get A Mortgage If You Have A Loan?
Yes, you can still get a mortgage if you have a loan. But your loan may affect the amount you can borrow on your mortgage. This is also true for student loans, payday loans, and car finance loans. All types of loans will have an impact on your credit rating but may not prevent you from being accepted. Mortgage lenders will consider the size of your loan remaining at the time of application and whether you have been consistent with repayments.
How To Get The Best Mortgage Loan?
As expert mortgage lenders, our advisors recommend getting the best mortgage loan by:
Improve your credit score
Keep up to date with any loan repayments
Save up for a downpayment
Don’t take out a loan for your down payment
Don’t make too many credit applications
However, at Empire Lending Group, we can help you to get a mortgage loan no matter what your circumstance.
What Is A Conventional Mortgage?
Conventional mortgages are one of the more popular mortgage loan options, whereby the mortgage loan can be used to purchase your primary residence, a holiday home or an investment property. The Conventional mortgage isn’t insured by the federal government and can fall into the category of either a “Conforming loan” or “None-Conforming loan”. A Conforming loan means that the loan (mortgage) amount, falls within the maximum limits set by the Federal Housing Finance Agency (FHFA); a None-Conforming loan is classed as any loan which does not meet the FHFA guidelines.
How Do Commercial Mortgage Loans Work?
Commercial mortgages are long-term loans on business properties. They usually offer up to 70% loan to value ratio so you will still need a downpayment.
How To Get A Mortgage Loan?
There are several crucial steps required in order to obtain your mortgage, but don’t worry, this is usually a straightforward process.
Firstly, you need to get approved for your mortgage from your chosen Lender. Secondly,(this is the exciting part) you get to shop for your new property; once you’ve found your perfect pad, you’ll then need to make an offer on the property.
Next, you’ll need to get final approval from your lender; who will verify the property details, confirm the valuation and tie up the loose ends.
Finally, and most importantly, you’ll close on your loan. This involves meeting with your realtor and your lender to take ownership of the property; at this point you’ll also pay the downpayment and closing costs, and then after signing your mortgage papers, the property is all yours!
What are the Types Of Mortgage Loans?
- Conventional Mortgages
- Government Insured Mortgages
- Fixed Rate Mortgages
- Adjustable Rate Mortgages
What is a Conventional Mortgage?
There are many options to choose from when applying for a mortgage loan, such as Conventional mortgages, which then fall into a “Conforming Loan” or “None-Confirming Loan” category; the conventional loan is the more popular of mortgage loans.
Jumbo loans are also available, and are a type of Conventional loan which are specific to borrowers who want to purchase property in more affluent areas.
What is a Government Insured Mortgage?
Government-Insured mortgages are another type of mortgage loan and are particularly helpful if you don’t qualify for a Conventional loan, have the best credit or have a large downpayment; they are also available to First-Time buyers.
There are three Government-Insured mortgage loans; the Federal Housing Administration (FHA) loan, the Department of Veteran Affairs (VA) loan, and the U.S Department of Agriculture (USDA) loan; all of which help to provide mortgage loans to citizens who would perhaps ordinarily struggle to obtain a Conventional mortgage. The FHA loan is great for borrowers who have less than ideal credit or who don’t have a large downpayment available to them. The VA loan was created to provide low-interest mortgages for members of the US Military and their families, and don’t require a downpayment. Finally, the USDA loan aims to help low-income borrowers purchase property in rural areas, and often doesn’t require a downpayment to secure the mortgage loan.
What is a Fixed Rate Mortgage?
There is also the option of a Fixed Rate mortgage, where the loan is subject to the same interest rate for the life of the loan and is ideal for anyone looking to remain as an owner of the property for around ten years.
What is a Adjustable Rate Mortgage?
Adjustable-Rate mortgages are also available to borrowers; however, these loans do have the instability of fluctuating interest rates, as these interest rates increase and decrease in line with market conditions.
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