15 YEARS CONVENTIONAL LOAN
30 YEARS CONVENTIONAL LOAN
5.750%*
Interest Rate
6.02%*
APR30 YEARS CONVENTIONAL LOAN
6.375%*
Interest Rate6.645%*
APRMORTGAGE LOAN
Buying a new home is a big decision for anyone. Compare Closing has your back. We can get you pre- approved for a mortgage in minutes and get your new home mortgage closed in no time. The process of getting a new mortgage loan with us is completely hassle-free with minimum documentation with our preferred Lenders.
FASTEST TURN AROUND TIME
We at Compare Closing LLC, help our clients through every step of the home buying process, right from the beginning to the day of closing. And we do so, not only with accuracy but also efficiency, thus we can proudly say we have one of the fastest turnaround times out there.
COMPARING LOAN ESTIMATES
Compare mortgage loan offers and estimates from multiple lenders, negotiate, and find the deal that fits your needs the best.
COMPARE CLOSING COSTS
Mortgage loans come at a cost. Use our mortgage comparison tool to compare closing costs from various lenders.
COMPARE MORTGAGE LENDERS
Comparing lenders and their offers, estimates and closing costs is what guarantees that you will find the best deal available for you.
MORE ABOUT MORTGAGE
FHA & Conventional Loan For New Home Buyer
BENEFITS
Getting a new mortgage loan and buying a home as a first-time homebuyer is a big financial step in anybody’s life. A first-time homebuyer is someone who, for the last 3 years or more, has not owned his/her primary place of residence. Being a first-time homebuyer can save you a lot of money. First-time home buyers qualify for a variety of benefits, grants, loan programs, and other assistance that lower the interest rate and decrease the down payment requirement. These benefits can be the difference between dreaming of buying a home and actually buying it. The no or low-down-payment mortgage programs are some of the best and most common types of benefits for first-time homebuyers. Some of the most common are; VA loans, FHA loans, USDA loans, and Freddie Mac and Fannie Mae. You may qualify for a first-time homebuyer benefit, provided there is one available in your region and you meet the requirements. Most of the benefits and grants are awarded through local or state organizations and the requirements, availability, etc. vary from one region to another. Some common factors for qualifying for a grant include; home price, household income, and debt-to-income ratio.
THE PROCESS
The home buying process can be tedious, but if you have decided to take the leap and are prepared for the paperwork, you may get through it with your senses in place. Here is a basic overview of the home buying process:
Considering your financing options: As a first-time homebuyer, you have a variety of options to help you get the home you want. A lot of first-time homebuyer programs offer down payments as low as 3% to 5% and some require no down payment at all.
Make an offer: The real estate agent you are working with can help you decide how much money you should offer for the property and then present the offer to the seller’s agent. The seller will then either accept the offer or make a counteroffer. This will continue until you both reach an agreement.
Home inspection: Even if the home you are planning to buy looks flawless, it is always better to get the home inspected by professionals, so you do not find yourself stuck in a pit of loss after buying the home
Close or move on: If you and the seller are able to work out a deal you can then get ready to close which involves a lot of paperwork.
OPTIONS
Here are some options you have as a first-time homebuyer: The FHA loan has been the go-to option for a lot of first-time buyers and those with a not-so-great credit history. With FHA support borrowers can qualify for mortgage loans with down payments as low as 3.5%. FHA loans also include an upfront cost of mortgage insurance premiums. The United States Departments of Veteran Affairs (VA) provides assistance to service members, veterans, and surviving spouses with loans. These are often very generous and typically require no down payments or mortgage insurance. Although VA has a few requirements, lenders often add their own requirements to the offers. The program by the U.S. Department of Agriculture (USDA), targets the rural areas of the country and provides 100% funding. Though there are some income limitations that vary by region, you do not necessarily have to be living on a farm to take advantage of this program. Some other well-known options are; Fannie and Freddie, State first-time homebuyer program, Home renovation loan, Good neighbor next door, and Dollar homes. These programs can help you buy a home with a lesser down payment, lower interest rate, or help you find a good deal in your own neighborhood.
