Special article brought to you by Wasatch Peaks Credit Union
The coronavirus outbreak has cancelled all kinds of plans, from vacations to weddings, parties and more. That doesn’t mean you need to put your plans of buying a house on hold. There are a variety of low-rate mortgage options available to fit your needs!
A conventional mortgage is simply any mortgage loan that is not insured or guaranteed by the federal or state government. In addition to an owner-occupied home, these loans can also be used for additional homes or rental properties.
These can be a great option, especially if you have a high credit score and a down payment prepared. If your down payment is less than 20% of the equity of the home, you will need to get private mortgage insurance, though this can be removed once you reach that 20%.
A mortgage refinance replaces your current mortgage with a new loan. Refinancing your mortgage could help you to reduce your monthly payment, refinance a long-term loan, lower your interest or pay your mortgage off quicker! There are a variety of refinancing options available to fit your needs.
FIRST-TIME HOME BUYER
Did you know there are special loans and down payment assistant programs available to first-time home buyers? If you haven’t owned a home in the past three years, you may qualify as a first-time buyer. These programs often include options to help make grants to assist with down payments.
A lot loan is a mortgage used for and secured by land. If you’ve found the perfect location for your dream home, but aren’t ready to build yet, a lot loan is a great option to get you started.
A construction loan covers the cost of building a new home. This type of loan enables you to build your dream home, whether you’re building it yourself or through a contractor! It’s a great way to finance your short-term needs before your long-term mortgage.
A HELOC is a revolving credit line allowing homeowners to borrow money against the equity of their home. Given that a HELOC is a line of credit and not a fixed loan, borrowers can withdraw money from the HELOC as needed rather than borrowing one lump sum. This allows for more freedom than a loan and is especially beneficial for borrowers who don’t know exactly how much money they’ll ultimately need to fund their venture.
If you’re ready to apply for a home loan, stop by Wasatch Peaks today! With low rates and flexible terms, we are committed to your financial success. To get started and learn more about our home loan options, contact our specialists at 801-614-7959 or visit your local Wasatch Peaks branch.