Prequalify Christian Home Loan
Prequalify Christian home loans are simple brief evaluations of a buyer's current financial status to determine how much money a person is qualified to borrow from a lender. This makes it much easier for a buyer and real estate agent to select the home within a certain budget range. These are not the same as pre-approval loans because there is no full analysis of the purchaser's income, financial worth, or any liabilities or additional debts owed. They simply point the consumer to the right price range without guaranteeing that a lender has issued approval. In a bidding war, a buyer with a prequalify home loan will not have the same clout as a pre-approved buyer. Still, these estimates are required by many real estate agents before they will show a client a home or begin the paperwork to submit an offer on a house.
Although the application process is brief, some lenders require an application fee, especially if the rate for a prequalify home loan is going to be locked in. Therefore, getting an estimate like this is a good first step because it helps the buyer target the residences he may realistically afford. Plus, a prequalify home loan demonstrates that the shopper is more serious about making a purchase and that the shopper wants an advantage when it comes to negotiating the best terms of a sale. The effort to obtain an estimate shows that the buyer has already been in contact with a lender and that the buyer submitted legitimate contact, employment, tax, and budget information, as well as allowed a lender to check his credit history.
During an appointment with a possible lender, or even as when filling out an online application, the applicant should have his information ready. The applicant needs to know the type of home and the amount of mortgage that the they hope to sign. Applicants should add up their financial assets to estimate how much of a down payment they can afford. Information about prequalify home loans is self-disclosed, so the buyer must have the necessary data before reaching a lender's office or applying online. The advantage of preparing for prequalify home loans is that it not only speeds the process, but it also helps educate the buyer to the terminology, fees, and complex options that a lender will offer. Taking extra time to prepare for the loan process brings understanding and "understanding is a wellspring of life unto him that hath it" (Proverbs 16:22).
New home loans allow consumers to receive financial assistance when purchasing a new house. These are available through mortgage companies that advertise and do business over the Internet. A new home loan is also available through mortgage companies that offer communities the conventional way of working with mortgages, through the local lending company. There are many different options with mortgage companies, and consumers can take advantage of the current low interest rates and the great services being offered by many lenders. Researching the different options can give a homebuyer the opportunity to find the best deal and package for their family's needs.
There are so many mortgage companies and brokers online today, it is almost overwhelming. But, homebuyers will find that, while there are many new home loans and options to sift through, there are great deals to be had because of the competition and large mortgage market brought on by the mass merchandising opportunities of the Internet. There are so many loans and lenders online, consumers can almost get a customized new home loan package that fits their unique financial circumstances.
There is a myriad of options when it comes to a mortgage. New home loans can be FHA loans, or a variety of other types. There are reverse mortgages available, and there are interest only mortgages being advertised online. The first step in finding the right new home loan for the individuals needs is to find what the current interest rates are and what the economic indexes are indicating. Then, the consumer should find a reputable mortgage company that is trustworthy, but competitive. Now, the individual is ready to talk about getting pre-approved for a mortgage and getting the best interest rates possible.
Once a new home loan is secured, homebuyers can get excited about moving into a new house, which is the American dream. But, people must be careful to keep a healthy spiritual perspective on pursuing this dream. The Bible teaches people that the true home is not the sticks and bricks that they live in on this earth. Christians true dwelling place is their place in Christ's heart, which is ultimately Heaven. Christ told Pilate just before His crucifixion, that He was the King of another realm. "Jesus answered, My kingdom is not of this world: if my kingdom were of this world, then would my servants fight, that I should not be delivered to the Jews: but now is my kingdom not from hence." (John 18:36) In the excitement of getting a house, people must remember that the real and ultimate home is with Christ.
Qualified Christian Home LoanQualified home loans are available through thousands of lending institutions across the country. The consumer who is interested in purchasing a house in the near future should consider researching the available terms and qualifications, now on the market, for residential buyers. At this point in financial history, interest rates and specifications for qualifying for a qualified home loan have never been better. But the borrower must first determine what type of financing he is eligible for and how much he can borrow with what terms. Prequalification will help any borrower find what is available to him for first mortgages or for house repairs.
A wise shopper will find many types of terms, such as fixed rate, adjustable rate, VA and FHA loans, as well as contracts for second mortgages. The terms and rates vary depending on the amount of money the buyer has for a down payment, what his income limits are, if he have served in the Armed Forces, his past credit history, and how much he wants to borrow. An financial expert will assist the borrower in deciding what type of loan best suits his needs. Certain qualified home loans, like VA and FHA, have strict income and qualification standards. This information can be researched on the Internet, by consulting a qualified home loan expert.
With the tremendous growth in new housing, a qualified home loan allows a buyer to quickly and easily apply and obtain a contract. The competition for these contracts is growing daily, so the savvy buyer will consult several lenders before deciding which to sign. The Internet is a trendy new way many people are using to find a deal. There are many one-stop web pages that allow multiple lenders to bid for business from one buyer. The applicant simply fills in some personal information and, in a short time, the offers for qualified home loans are e-mailed to him.
The Bible cautions us about being too hasty in borrowing money. Proverbs 22:7 says, "The rich ruleth over the poor, and the borrower is servant to the lender." Although buying a house can be a good investment for the future, owing more in monthly payments that we can afford is not godly stewardship. When buyers apply for a contract, they need to be prepared to explain what they want to use the funds for, how much they need to borrow, and what repayment terms they can handle with their financial situation. If a borrower is applying for a first mortgage, he needs to have financial information readily available, including balances on bank accounts, balances on outstanding loans and credit cards, and a review of his credit history. Be a wise consumer and use qualified home loans to obtain a better way of living.
No money down home loans enable those who have not been able to save for a down payment to realize the dream of home ownership. Even in an unpredictable economy, real estate is a great investment, but many feel unable to make the leap to ownership because they are unable to save enough for a deposit. There are now several no money down home loan options that can get buyers into a new house without waiting to save a deposit.
VA loans are one type that most people are familiar with. All active and retired members of the military and Coast Guard and their unmarried widows are eligible for this benefit. Some members of the Reserves and National Guard who have completed at least six years of service may also be eligible for no money down home loans. Whereas there used to be limitations which enabled an eligible person from using this benefit only once in their life, this stipulation has now been lifted. The only restrictions on VA no money down home loans are that a person may use this benefit on only one house at a time and this house must be the primary residence, not a rental or second residence.
A lesser known option is VA foreclosures. Many are unaware that a person does not have to be a veteran to purchase a VA foreclosure property with no deposit. All VA foreclosures are open to the public and many require nothing up front or a small fee of $500. A person must finance the purchase with a conventional or FHA financing unless that person is a veteran or military personnel. A person can obtain a list of VA foreclosure properties offering no money down home loan incentives from federal agencies and many lending institutions.
Another option is a seller-assisted closing or a lease-purchase option. Creating a deposit can be written into the terms of the real estate transaction. For instance, a person can offer a seller full price for their house with the stipulation that they pay the buyer $5,000 at closing to fund a deposit. Many sellers are willing to work with a no money down home loan since they would likely have reduced their asking price $5,000 anyway. With lease-purchase or rent-to-own option, a seller agrees to sell the buyer a house at a given price at a future date. Until that date, the buyer pays the seller a monthly sum and this money can be set aside as a down payment. Sellers are typically only open to this option when real estate is moving very slowly. Making such decisions requires faith in God. Luke 16:10-12 says "He that is faithful in that which is least is faithful also in much: and he that is unjust in the least is unjust also in much. If therefore ye have not been faithful in the unrighteous mammon, who will commit to your trust the true riches? And if ye have not been faithful in that which is another man's, who shall give you that which is your own?"
Also, make sure to check with the state and county for other options. Several states offer their own programs to eliminate the hurdle of a deposit. Typically, the Christian buyer must hold a steady job with a certain minimum income and must be a first time buyer, but no money down home loan programs vary widely. With the numerous methods available to assist buyers find no money down home loans, home ownership can be a reality for just about everyone who seriously pursues it.