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 2019 show that the homeownership rate was a staggeringly high 64.8%, 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!
Thomas Mancuso has been excellent in handling the refinance of our home in AZ Through a friend who works in the Reno NV Mortgage Business, he came highly recommended. They told us he was the best person in AZ. Again, he was excellent, very personal and professional service. He walked us through the whole process. He gets my highest recommendation and you are crazy if you don’t use Thomas !!!- Samuel Bornholdt
My husband and I had a great experience working with Tom Mancuso and his team at Nexa Mortgage. Once we made the decision to move forward with our mortgage refinance everything was set in motion. Each step was efficient and the closing was quick. We are relieved to be saving so much money each month.- Kimberly Malnar
I have purchased many homes and refinanced several times in the past, but never 3 properties at one time, Arturo made these transactions simplified and closed quickly at a time that was convenient for me, he also worked around my busy schedule for my convenience. I would recommend Arturo to anyone and he will be my first to contact with any future business.- Rick Thompson
I can’t say enough about Thomas Manusco and his team. I have bought several homes over the years and by far this was the simplest experience I’ve had. Thomas was always responsive and kept us up to date on the whole process.- Hannah Pennington
Arturo went above and beyond! Made sure everything was one on point when purchasing my house!! I will always recommend Arturo Best of the Best!!!- Antonia mcdonald
My husband and I enjoyed working with Thomas Mancuso. Thomas Mancuso went out of his way and beyond to help us with our home loan, we were buying a home! He made every effort to make sure we got the appraisal on time. He answer our phone calls, kept us informed about our loan! He listened to us in everything and was always there for us! We highly recommend Thomas Mancuso and NEXA Mortgage!! It was a pleasure and wonderful to work with Thomas Mancuso! He’s a great guy and my husband and I see him as one of our good friend! Thank you Thomas for looking out for us!!!- Michelle Urciel
We had the very best experience w Nexa. Arturo Viramontes was with us every step of the way and made our experience so much easier. He was genuinely concerned and so helpful. He went above and beyond. I would highly recommend Nexa Mortgage and Raul Viramontes. Thank you Raul for making our dreams come true.- Norma Tadeo
I HIGHLY recommend Arturo Viramontes at Nexa Mortgage” with any of your real estate needs. I appreciate his expertise and ability and willingness to help me refinance my mortgage loan. He walked me thru each step and made sure I understand what I was signing and he made himself available to me via any method of my choice – email, business phone or cell phone, which I greatly appreciated. Arturo, even stayed in touch with me during my car accident while I was going thru my refinancing process. He really does care. I am grateful for all your hard work and devotion Arturo. I see him as one of my good friends. I truly hope you give him a chance to help you. I am glad I did! Thanks again Arturo- Elly Silva
(Translated by Google) I was lucky enough to carry out my refinancing with Arturo Viramontes, who, always with great patience and professionalism, explained the process step by step and clarified all my doubts. Excellent professional. We will certainly work together again. Recommended. 👍 (Original) Tuve la suerte de realizar mi refinanciamiento con Arturo Viramontes, quien siempre con mucha paciencia y profesionalismo, me explicó paso a paso el proceso y aclaró todas mis dudas. Excelente profesional. Sin duda volveremos a trabajar juntos. Recomendado. 👍- Andrea Pino
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?
Although every situation is different, low interest rates tend to mean generous financing terms for people taking on a home mortgage. Having a mortgage with low fixed interest rates, for example, can be a powerful hedge against inflation in periods of higher inflation—where in the interest rates are typically higher. But we should reiterate that every situation is different, and you should do what’s best for your situation and your own family.
What is the next step?
Click through our buttons above to find out whether you qualify for great terms on a new home purchase!