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!
If you're looking for a mortgage broker, look no further because Kim & her team are the best! Kim answered all of my questions from searching to closing no matter how much time it took because she truly cared. It was important to her that I was educated enough to make an informed decision about what options would work best for me. She and her team made the home buying process as easy as possible. Thank you Kim & Mindful Mortgage for helping me purchase my first home!- Madison Chess
Kim Clancy was wonderful to work with! Each part of the process with the Mindful Mortgage Group went smoothly. Kim was always responsive and never made us feel like a bother with any of our many questions. I can’t give enough stars for that! We felt very lucky to have had her recommended to us and would definitely go with Mindful Mortgage again in the future if needed. Thank you so much!- Tara Lynch
Kim and her group Mindful Mortgage group where absolutely great to work with! It's a service that you don't know that you need until you do. Kim, picked up my mortgage after the another lender wanted far too much in fees and rates. Her group came in and saved the day! And by day I mean my wallet. I would very highly recommend Kim and her group to anyone looking for mortgage services. They are great!- Jeffrey Hammer
Kim was amazing to work with! From start to finish and all the way to move in day! Just always thinking of us and making it easier! Don’t hesitate to use her! I know I will again!- Casey Jacobs
Kim and her team were phenomenal! Exceptionally professional, always on time or ahead of schedule, answered every question and checked in with me through the process. I have deal with many mortgage brokers over the years and Mindful is by far THE BEST!- Kelly Murray
We worked with Kim and her team to refinance our home. They made the process easy and seamless. They communicated clearly what we could expect every step of the way and were very quick to answer any questions we had. Thanks so much to Kim and her team!- Jamie Alexander
Kim and her team helped us with our mortgage lending for our new home and was wonderful! As a remote family from out of state, Kim made us feel very comfortable and was extremely knowledgeable. She was very responsive to our needs and thorough in throughout the process.- Kristen Hales
Kim Clancy and her team and Mindful Mortgage are great to work with! Super knowledgeable and are a group of go getters!- Andre Baker
Kim and her team were wonderful to work with during our re-fi process. This was the first time doing a re-fi I felt very little stress. The team was organized and quick to respond. The online portal was easy to use and it only took 2 weeks from start to closing!!! I highlighy recommend Kim and her team for you re-fi needs!- Sarah Strong
were trying to refinance with another company, that drug out the process for months on end. I called Kim and her team to help us out, she was very receptive and helpful. Not only did she get us refinanced within a couple of weeks, she got us a lower rate than the other company. Thanks Kim!!!- Todd Crist - DOC
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.
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!