Locking in favorable terms with a fixed-rate mortgage. As of this writing, interest rates are at their historical rock-bottom. Receiving a fixed-rate mortgage lets you potentially lock in the most affordable terms we’ve seen.
The Money-Saving Secrets of the Home Purchase
If you’re tired of throwing rent toward the landlord, you can keep some of that money by putting it toward the principle of your very own home mortgage. Why bother? Here are some of the money-saving secrets that homeowners can enjoy:
Get pre-approved for a mortgage to do your research first. Ready to shop around? There’s no pressure. Get pre-approved for a mortgage and find out how much home you can afford—these are essential next steps that convince a home seller that you mean business.
Buy the home you can afford. When you know your total monthly liabilities, your income, and your credit rating, you can easily calculate just how much home you can afford. This will help ensure that you buy a house that remains a long-term blessing and not a strain on your budget.
The Stats: What You Need to Know Before You Buy a Home
Homeownership is common. In fact, statistics from 2019 show that the homeownership rate was a staggeringly high 64.8%, which means the majority of people have gotten out of the rent cycle and into their own home.
You don’t need experience. First-time home buyers constitute one-third of all home buyers, which means that you don’t have to feel intimidating by the home buying process, even if it’s your first time. It’s far more common to be going through this process for the first time than you might imagine.
The average length of time is low. Have house fever? You’d be surprised how quickly things can move. The average length of time between someone visiting a potential home for purchase and the closing date was only 73 days, or two and a half months.
Are you interested in finding out if a home purchase makes sense for you? Are you ready to join the ranks of homeowners and lock in potentially low rates?
2 Ways to Use Your FHA 203(k) Loan
Buy a Fixer-Upper (and Fix It Up)
Or... Renovate Your Current Home!
This was our first home buying experience. Micha was so attentive, approachable, and humble about his years of experience! It paid off we got the home of our dreams. Everyone says this is most stressful experience but ours was not. Micha took the time to educate us about the process and we felt comfortable and super supported throughout.- Ali Scaduto
Micah, was great through our whole process. He was never too busy to answer our questions and kept us informed every step of the way. Easiest loan process I have ever went through. Won’t deal with anybody else every again.- Brenda Armstrong
I have had the pleasure of working with Micah on several of my mortgage loan transactions, both VA and conventional. He has helped me refinance my first home to a much lower rate, he’s helped me use my VA Home Loan benefit for the purchase of my first investment property, and has most recently helped me tap into one of my home’s equities by way of cash out refinance at the best possible rate. Micah has been on my team since the first time I conducted business with him. He follows the housing market trends closely and reaches out to me with new opportunities and options to save money. Micah is a true real estate finance professional who genuinely cares about his clients, past and present. I trust Micah and will continue to collaborate with him on my future real estate endeavors. I highly recommend Micah!- Anthony S.
Micah has done two loans for us and has always gone above and beyond to make sure everything worked out in a timely manner.- Stephen Miller
I honestly can't say enough good things about Micah! I heard about him on a message board online, sent him a message, and he was super helpful from day 1. He sent me his book a year before I was ready to buy which helped answer a lot of my questions. When I was finally ready to buy, he coached me through the whole process and helped me purchase my first home in the most stress free way possible. He was very responsive to all of my phone calls, texts, and emails which made the whole process very easy. If you're looking for someone who will work their butt off to get you the best deal possible, then look no further. Micah is that guy!- Russ B.
Our broker referred us to Micah. He helped us with all of the details of the mortgage loan process for buying our first home. He gave very in depth explanations for everything and made it easy to understand since it was all new to us. The process was virtually seamless, largely in part to all of the work he did on our behalf. Every time we had a question, he provided a thorough and detailed answer. I especially appreciated that he is very balanced and open and gives various approaches to things. I recommend him 100%!- Gleason Family
We worked with Micah on both our initial home purchase as well as a refinance. The first time we met with him, he talked with us for an hour and a half and answered two pages of questions I had typed up. He explained everything to us each step along the way, and even after we closed on our first mortgage, he continued to check in with us and make sure we were aware of things like the supplemental tax bill and helped us sort through all of the junk mail and scam ads that come with closing a mortgage/refi. Micah is incredibly knowledgeable and responsive – I’ve recommended him to a few of my friends, and will continue to do so.- Alexander Hreiz
Micah has gone above and beyond to help me and my family with multiple transactions. On the first he picked up all the slack that our realtor lacked. He helped us close on a deal that was not easy. Without him we would not have gotten our home. The second time we used him he helped us refi and saved us a ton of money. He was on top of everything and made the process seamless. Micah helped my parents with a refi and even installed an oven in their back house to make sure that everything would go through. I can’t recommend Micah enough. He’s very personable, knowledgeable, and overall exceptional at what he does. You can’t go wrong if you use Micah!- Amanda Lenhart
Micah is INCREDIBLE!!! I can’t say enough good things about my experience working with him on the purchase of my new home. When I was considering selling my current home and purchasing a new one, the market had changed quite a bit since buying my first home back in 1999. I wasnâ€™t even sure I would qualify for any kind of loan. Upon the recommendation of another family member, I went to Micah just to find out what steps I would need to take to position myself to buy again. I was thinking it would be another 2-3 years off in the future before this would even be possible. Micah was amazing and somehow with my student loans and all, he was able to help me qualify pretty quickly. There were several curve balls thrown at him during the process but he always remained calm, compassionate and ever so professional. He had back up plans for back up plans. He had a plan A, B, C and D. Micah is very knowledgeable and skilled at what he does. He really understands the industry and takes a personal interest in his clients to set them up for success. Not too long after I purchased my new Home Micah could see interest rates were changing. I didn't even have to ask. He brought it to my attention that it would be a good time to refinance, so I did and my house payment was even better than the already great house payment I had. I would highly recommend him to anyone I know over and over again. I won't buy another home with anyone but him.- Mia Mullin
Micah was an extremely personable and communicative mortgage advisor. He made the refinancing process very smooth and simple. Micah was very thoughtful and timely in answering our questions. Additionally, he went above and beyond in helping us retrieve money that was auto drafted mistakenly from our former mortgage company after our refi closed. I would highly recommend trusting Micah with your mortgage needs!- Sara Tarne
Your Renovation Wish List Could Include...
Increase window size
Bring in more natural light
Finish a basement or attic
Create a mother-in-law apartment or guest space
Correct foundational issues
Protect your investment for the long-term
Add a detached garage when one does not exist
There’s room for everyone
Knock down walls
Open up the floor plan to create versatile, welcoming spaces
Flood-proof your property
Add a retaining wall to prevent expensive damage
Repair the pool
Tired of leaks and cracks? Fix the pool & start enjoying it
Expand or refresh the kitchen
Cooking is just more fun in an updated kitchen
Add square footage
Growing your family? Grow your home alongside it!
After remodeling, 74% of owners have a greater desire to be in their home, and 65% have increased enjoyment in their home.
How Does a Renovation Loan Work?
Depending on the types of repairs you plan to do, you have two options when it comes to securing a FHA 203(k) Renovation Loan: Limited and Standard.
The Limited 203(k) loan
The Limited 203(k) loan is for non-structural or “cosmetic” repairs. It covers up to $35,000 in renovation costs. With a Limited loan, you can do nearly anything that doesn’t affect the home’s structure! Think kitchen and bathroom remodels, carpet and flooring replacement, painting, appliance replacement, and much more.
The Standard 203(k) loan
The Standard 203(k) loan is a loan for projects with repair costs over $35,000. It can be used for structural or non-structural repairs. With a Standard Loan, you have even more flexibility. You can expand the home’s footprint, improve accessibility for differently abled people, and even move the home to a different site.
What You Need To Know About A Home Purchase
Why should I buy a home rather than rent?
Everyone’s situation is different. However, in the era of low interest rates, a new home purchase can make financial sense for a lot of people. Locking in these low interest rates can mean paying less for more square feet in some cases. That said, every person’s situation is different, and your motivations for buying a home (including the need for more space or privacy) may differ from other people.
How do I start the home buying process?
One of the best ways to show that you’re serious about buying a home is to get pre-approved for a mortgage. This will give you some leeway when it comes to making offers when you view homes. And in some cases, it’s viewed as a necessity when you go out shopping for homes. In many cases, the process is as simple as finding out what you can afford given your current income, levels of debt, and financial obligations. The good news: it’s a lot simpler than you think!
What kinds of financial commitments do I have to make?
There are a lot of options for financing when you make a home purchase, so don’t feel that you have to commit to any particular one at this point. You’ll find that it’s possible to make a 20% downpayment, for example, but there may be types of financing available that require far less—as low as 3%, depending on your situation.
Why is now a good time to buy a home?
Although every situation is different, low interest rates tend to mean generous financing terms for people taking on a home mortgage. Having a mortgage with low fixed interest rates, for example, can be a powerful hedge against inflation in periods of higher inflation—where in the interest rates are typically higher. But we should reiterate that every situation is different, and you should do what’s best for your situation and your own family.
What is the next step?
Click through our buttons above to find out whether you qualify for great terms on a new home purchase!