Your Options for a Home Purchase
If you’re like most Americans, the goal of homeownership has been in your sights since you first started a savings account and began to put away money towards future goals. Thankfully, you don’t have to wait until you’ve saved up enough to cover the entire purchase price. Home purchase loans, often called mortgage loans or simply mortgages, offer the perfect alternative.
Many future homeowners get nervous about investing in a family home, even if they’ve been looking forward to doing so for years, and the application process can, indeed, be daunting. When you choose Fellowship Home Loans as your mortgage lender, though, you can rest assured that we’ll do everything possible to seek out competitive rates and favorable terms. Our commitment to the community means that we want everyone to be able to live the dream of homeownership.
Unfortunately, not everyone qualifies for traditional home mortgage loans. If you’re concerned that might be the case, don’t automatically assume that the goal of homeownership will be forever out of reach. There are steps you can take, such as building up liquid assets and investments, before applying for a loan, and alternatives to traditional mortgages that have more forgiving criteria.
We offer a full range of home purchase loan options, so don’t be afraid to reach out. If you want a better idea of what to expect, we’re also committed to exercising full transparency when it comes to eligibility criteria and how we decide both which applicants we can accept and what interest rates we can afford to offer.
Factors We’ll Consider When Evaluating Your Application
While we would love to be able to approve every application that comes our way, the reality is that we need to take certain financial considerations into account. There’s a good reason for the approval process, though, and it’s not just to protect our best interests. These criteria are also put in place to protect you.
If we were to approve an application for a loan that you couldn’t comfortably pay off, the best-case scenario would be that your family is stuck struggling with an unreasonably large debt load. In a worst-case scenario, you might wind up on the path to foreclosure.
Liquid Assets and Investments
Liquid assets refer to any money you have in checking and savings accounts. When you apply for a loan, we’ll check both your current balance as well as your deposit and withdrawal history. Building both of these up before you fill out an application is a great way to increase the likelihood of being approved.
You should also let us know about any investments you have, including retirement accounts. Even if you don’t plan on drawing from these accounts to make a down payment, having additional sources you can draw from should the need arise puts you in a better financial standing, which might mean we can offer you a better rate.
