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 2022 show that the homeownership rate was a staggeringly high 65.8%, 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!
I was a first time home buyer and was very nervous about the entire process. Joe and his team went through every step and made it happen. I have a crazy schedule but they always managed to work around my schedule. I am very grateful to Joe and his team at Sun City Home Loans for making this stressful process so smooth. - Priscilla K.
It was an awesome experience for me and my family. The team made my transition very easy from the apartment to our dream home. Jessica the realtor went above and beyond to help us find our home. Joe, along with his team made the closing as smooth as possible. Very bless with their help!!- Gonzalo G.
The team at Sun City Home Loans is fantastic! I would recommend them 10 times out of 10. They helped me and my wife get our first home and did everything possible to make our dreams come true. They were always very professional, responsive and definitely made us feel welcomed and like family the whole way through. Everyone was extremely knowledgeable with any questions we had and always provided comfort throughout the home buying process!- Andre C.
First of all, I would like to thank Sun City Home Loans for making my home dream come true! I applied with Sun City Home Loans and after many obstacles, they were able to overcome them and make my loan happen. Secondly, not only did they make my loan happen. They also obtained the best interest ever! Finally, I would like to thank Sun City Home Loans again and highly recommend them to anyone looking to purchase their dream home to call them.- Erik T.
Amazing team, these professionals went above and beyond to make my loan close on time while answering all my questions. Joe was phenomenal, and the team really put up the time and effort to make it for an easy transaction, often times working really late in the evening hours. I was impressed with their work ethics and how they put the pressure on the lenders and underwriters to close the loans. Joe really know his trade and will be straight forward with you from the get go. My go to guys when buying another property.- Ramon R.
These are some of the best guys in the mortgage industry! Great interest rates & LOW FEES. They will treat you kindly & courteously throughout the process from start to finish. Always taken great care of my clients! They aren’t pushy either! Even if you’re not quite ready to meet the requirements they will gladly show you the way to get where you need to be and help get you there. So in conclusion, if you’re looking for a mortgage contact Mr Joe Martinez at Sun City Home Loans and he will get you set up.- Shawn J.
Joe and his team at Sun City Home Loans were absolutely outstanding from beginning to end! As first time home buyers, Joe and Emma guided us through the whole process, answered all questions promptly, and worked to get us the best rate/ loan possible. Joe is extremely attentive, communication was always open and professional, and his team made sure we were fully informed through the entire home buying process. We are forever grateful that we chose Sun City Home Loans to purchase our first home.- Erica D.
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?
While it’s true that rates are up from last year’s historic lows, there are still many reasons why now could be a great time to buy. For one, falling home prices mean that you can get more house for your money. In addition, there is less competition from other buyers, so you may have an easier time negotiating a lower price. Don’t let rising rates scare you off – there are still plenty of reasons to buy the home you’ve always wanted!
What is the next step?
Click through our buttons above to find out whether you qualify for great terms on a new home purchase!