Which home purchase loans are right for you?
Deciding which home purchase loans are the best ones for your needs is an important early step when you’re starting the home buying process. CrossCountry Mortgage strives to make your home purchase experience as smooth and stress-free as possible by offering a variety of loan products to fit your lifestyle and personal situation.
We separate ourselves from other mortgage lenders by providing exceptional customer service, advanced technology, and a broad selection of home purchase loan products. Whether you’re buying a home for the first time, purchasing a second home, or building your investment portfolio through real estate, CrossCountry Mortgage provides you the guidance and support you need to find the right loan to fit your unique needs.
How many types of home purchase loans are there?
In the mortgage industry, there are three primary types of home purchase loans: Conventional, Government and Jumbo. There are many more specific home purchase programs, but they will all fall into one of these categories.
In many cases you’ll also have your choice of home purchase loans that offer a fixed interest rate or an adjustable interest rate. Fixed rates are ideal for people who plan to live in the home for more than 10 years or so and want total payment stability. Adjustable rates are better suited for borrowers who move a lot for work or have a growing family and only plan to live in their home for a few years. They want initial payment stability with a lower rate and can accept later changes, or they plan to sell before a rate adjustment occurs.
When should I think about starting the homebuying process?
When considering a home purchase, the earlier you can sit down with a mortgage professional, the more success you can expect when it’s time to make an actual offer. A good benchmark is 6-12 months before you plan to make a home purchase. By getting a grasp on your financials early, you’ll have the necessary time to build down payment savings, improve your credit score, reduce your debt-to-income ratio, and/or develop consistency in your income history so you can receive the best home purchase loan possible.
Visit our Buy a Home page to learn more about the many benefits of owning a home. You can also view some of our home purchase loans below by clicking on each program to see a breakdown and explanation. If you have any questions, don’t hesitate to contact us! We’ll be happy to walk you through our options for home purchase loans and the overall financing process.