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!
Ryan and his company are great! They made it easy from the start, and were incredibly responsive every time we had a question. They presented us with a number of loan options and helped us select the one that was going to be best for our family. I would highly recommend them.- Marc Bonnet
Ryan and his team performed a miracle where others could not! My wife and I required a quick close on a property that just hit the market. We called our existing lender to see if they could provide assistance but were told that there was no possible way they could close in less than 30 days. Ryan and his team made the impossible possible for us, not only did his team have us pre-approved in less than 24 hours, but we also closed/recorded in less than 30 days! He was very professional, super responsive to email and phone, and was a pleasure to work with.- Holly McDonough
Obtaining a mortgage for a new home can be stressful… timelines, due dates and documents. His team made everything so easy and simple. Ryan Frandsen was professional and super responsive. He was in my corner the whole way. Two thumbs up and 5 stars all around.- Jeremy Smith
We have tried to refinance our house in the past with no luck. We were turned down without any explanation as to why, so we gave up for a couple of years. We spoke to our son and daughter-in-law about refinancing again, since they were just closing with theirs. With the interest rates being so low, we wanted to try again so they referred us to Ryan Frandsen. Our experience with Ryan and Camille and everyone on his team has been incredible! They took the time and actually told us the reason why we weren’t able to do it sooner. That is because they let us know that there were issues we had no idea about with our lenders. Taking the time and helping us with the complete frustration we were going through, they helped us to be able to get our refinance done and get rid of the horrible state we were in and not aware of. We cannot thank them enough for their patience, kindness and research in helping us!!!! We are recommending them to everyone we know, who needs help!! We cannot thank them enough for the time and effort and compassion that they gave us! Jeremy & Raquel Smith.- Charlyn Pollock
Me and my Husband used Ryan and his team to Refinance our house. I would highly recommend using Ryan to anyone who is wanting to purchase or Refinance a home. My husband told his parents about using him because all other agencies wouldn’t help them Refinance. They were very quick to tell them why other agencies wouldn’t help them and found a company to finish up the Refinance issue. Ryan Frandsen was the best loan officer we have ever used for Purchasing/Refinancing and won’t use anyone else but them. They were very quick to tell us everything needed to get the process going, they don’t hide anything, they are very straight forward and honest which is very hard to find these days. Thank you Ryan for all you have done for us and others we have referred to you.- Alexandra Elbert
Ryan was amazing to work with. He was knowledgeable and very responsive. Anything with mortgages is out of my comfort zone so knowing Ryan had our best interest as the top priority was great!- Derek Boggs
I recently worked with Ryan to refinance our home for a better rate. The process was seamless and everyone on Ryan’s team I worked with was responsive and helpful along the way. If/when I need help in the future, I’ll be going to Ryan for sure!- Paul Weiler
My wife and I have worked with Ryan in the past. Ryan reached out to us to let us know the options available in the current market. We were very please to see how much savings we could get. Ryan made the process very simple and he processed our documents very quickly before our newborn son came home from the hospital. Ryan also scheduled to have the title company representative come to our home to sign the documents. If you have looking for a mortgage or a refinance, we definitely recommend Ryan Frandsen.- Kallie Tueller
I worked with Ryan. And to be honest my home buying process was pretty stressful (from circumstances out of the lenders control) and they helped me through the whole process, getting me through so many stressful things when I thought it wasn’t going to work out. Ryan answered all my questions every day (even if I asked them over again because I was anxious) and I’m very grateful.- Kailey Lewis
We worked with Ryan on a refinance of our home. Ryan and his team were amazing to work with, very responsive and made sure to get us the best possible outcome. We have suggested our friends use Ryan to help with their refinancing as well!- Sue Bandley
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!