The holidays are always a fun stretch, and they have officially arrived. It’s hard to believe that Halloween is already here and gone with Thanksgiving and Christmas less than 25 and 55 days away, respectively. I thought it would be fun to blend the holidays with mortgage info … like mortgages aren’t fun enough on their own, right?
Let’s start with Halloween … what can appear to be scary about getting a mortgage with solutions to comfort those scares:
Scary: Saving enough money for a down payment.
Solution: There are low down payment options available to borrowers. Some borrowers can qualify by putting 0 percent down (VA loans) or 1 percent down (conventional loans).
Scary: Paying private mortgage insurance (PMI).
Solution: There are several options available to pay PMI including those where either a lender or a seller could pay for you.
Scary: How to find the right house if you are buying a new home.
Solution: Interviewing expert agents is a wonderful place to start. Don’t get stuck interviewing normal agents. Get referrals to talk to experts. I have an exclusive list I can provide to assist.
Scary: Figuring out how to get a home loan.
Solution: Fountain Mortgage provides home financing consultations for no charge to help you assess your needs and uncover any potential risks.
Thanksgiving is always a time to reflect on being thankful for what we have and not worry about what we don’t have. What can we be thankful for with mortgage lending?
Low interest rates – current levels allow for either increased borrowing power, reduced financing costs and sometimes both.
Improved housing market – real estate values have been increasing over much of 2015 and 2016 and this improves the ability to borrower for things like debt consolidation or college. Increasing equity also adds to net worth.
Borrowers have more choices today than ever and can truly have customized loan solutions created for them.
Finally, with Christmas approaching fast, it’s time to start thinking about gift giving. Here are a few ideas …
- Borrowers can get gifts from relatives to help with down payment and funds to close. Sellers can even gift buyer’s equity if they are related to each other.
- Borrower’s that close loans in December don’t have a mortgage payment until February.
The next two months will seem like a blur before we start off another new year. This is my favorite time of year – the weather, the holidays and the call to take time to plan for the upcoming year. If you’ve been considering buying a home or refinancing, make sure you take a few minutes to call us at Fountain Mortgage.
This weekly Sponsored Column is written by Mike Miles of Fountain Mortgage. Located in Prairie Village, Fountain Mortgage is dedicated to educating, and thus empowering, clients to make the best financial decision possible for their situation. Contact Fountain today.
Mike Miles NMLS ID: 265927; Fountain Mortgage NMLS: 1138268