Applying For A Home Loan Mortgage
Applying for a home loan mortgage can be a tedious, time consuming and intimidating. especially if the borrower is uncertain of
what needs to be done or what documents to provide with the application. There are various documents that need to be provided such as showing your credit accounts, credit standing, a steady source of monthly income, account balances etc, which can become a daunting task. Ezyloanz steps in and helps out with groundwork necessary for pre-qualification check.
Then again, it doesn’t end at pre-qualihcation, the borrower needs to be pre-approved as well and there’s a huge difference between the two. Ezyloanz experts are ready to walk with you through the entire process till the successful closure close of your loan application. Get in touch with us so we can help you navigate through any hurdles and obstacles that arise and make it an exciting journey.
Then again, it doesn’t end at pre-qualihcation, the borrower needs to be pre-approved as well and there’s a huge difference between the two. Ezyloanz experts are ready to walk with you through the entire process till the successful closure close of your loan application. Get in touch with us so we can help you navigate through any hurdles and obstacles that arise and make it an exciting journey.
CONVENTIONAL LOANS
If you’re looking for a home loan: you have an
excellent credit score and a low debt-to income
ratio, then the preferred choice of loan is the
conventional loan. The conventional loans
guidelines assure fewer hurdles than a VA loan
or a FHA loan and are quicker to process.
Conventional loans are mortgage loans that are not insured by any government agency. including the FHA, VA and FmHA. Conventional loans are typically fixed in its rates and terms. For someone looking to reside at their home for several years, then a conventional home loan is a suitable choice as the monthly payments remain fixed for the life of the term which is usually from 10 to 30 years. Ezyloanz makes this process ‘even-better and smother by doing all the legwork for you.
There are different types of Coventional loans such as conforming loans which are provided by government sponsored enterprises, non-conforming loans which are higher set loan Limits.
Conventional loans are mortgage loans that are not insured by any government agency. including the FHA, VA and FmHA. Conventional loans are typically fixed in its rates and terms. For someone looking to reside at their home for several years, then a conventional home loan is a suitable choice as the monthly payments remain fixed for the life of the term which is usually from 10 to 30 years. Ezyloanz makes this process ‘even-better and smother by doing all the legwork for you.
There are different types of Coventional loans such as conforming loans which are provided by government sponsored enterprises, non-conforming loans which are higher set loan Limits.
FHA LOANS
FHA or Federal Housing Administration loans
are popular with mortgage borrowers who
would rather go with less stringent
down-payment requirements with flexible
guidelines, who do not have an established
credit history or outstanding credit and if the
borrower has limited cash.
Since the FHA is an insurer and not a lender, the borrowers need to get their loans through an approved FHA-lender. The FHA loan pays for mortgage insurance thus protecting the lender from any loss if there is a default on the loan from the borrower.
An applicant or borrower needs a credit score of 580 or higher to apply for a FHA loan to be able to make a down payment as low as 3.5 percent of the purchase price of the home and this is a huge attraction for borrowers. If the credit score of the borrower falls between 500 and 579, the down payment will be 10 per cent.
Since the FHA is an insurer and not a lender, the borrowers need to get their loans through an approved FHA-lender. The FHA loan pays for mortgage insurance thus protecting the lender from any loss if there is a default on the loan from the borrower.
An applicant or borrower needs a credit score of 580 or higher to apply for a FHA loan to be able to make a down payment as low as 3.5 percent of the purchase price of the home and this is a huge attraction for borrowers. If the credit score of the borrower falls between 500 and 579, the down payment will be 10 per cent.
VA &USDALOANS
As an eligible service member or a veteran, you
have earned the right to apply for a VA loan,
which is backed by the Department of Veterans
and can be availed with no private mortgage
insurance and little to no down-payment at all.
Borrowers can also refinance an existing home
or mortgage to get cash out plus the monthly
payments are much lower thana conventional
loan.
Since the VA guarantees a part of the loan, thus ensuring that you do not have to pay mortgage insurance premiums. VA loans provides active service members or veterans the opportunity to become a home owner if they could not meet the qualification requirements for conventional home financing.
The USDA loan or the U.S. Department of Agriculture loan is a zero down-payment loan for suburban and rural home-buyers. The rural development program was created to improve the qualityof life in rural and suburban America. Similar to VA and FHA loans, the USDA loan program guarantees a mortgage issued by a qualihed or participating lender allowing for very low interest rates even if there are no down-payments. Do note that in the event that there is no down-payment or a very nominal amount, then there will be a requirement to pay for a mortgage insurance premium.
Since the VA guarantees a part of the loan, thus ensuring that you do not have to pay mortgage insurance premiums. VA loans provides active service members or veterans the opportunity to become a home owner if they could not meet the qualification requirements for conventional home financing.
The USDA loan or the U.S. Department of Agriculture loan is a zero down-payment loan for suburban and rural home-buyers. The rural development program was created to improve the qualityof life in rural and suburban America. Similar to VA and FHA loans, the USDA loan program guarantees a mortgage issued by a qualihed or participating lender allowing for very low interest rates even if there are no down-payments. Do note that in the event that there is no down-payment or a very nominal amount, then there will be a requirement to pay for a mortgage insurance premium.
Learn More About Our Home Loan
Programs?
Ezyloanz has a wide variety of home loan programs to fht your needs
and requirements. We have the right professionals who
have extensive experience in the Home and Mortgage
loan sectors to get you your dream house
or refinance your mortgage.