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!
John at Copperstate has been so helpful. He was very responsive to my application and helped me find the best rate and loan for what I needed! Definitely recommend using Copperstate for your mortgage needs!- Stacie Jones
John and his team exhibited the utmost professionalism while we worked through our loan process. Although the homebuilder took two months longer than planned to build our home, John kept both me and the homebuilder up-to-date on the loan status at all times. He never missed a beat. I will use John in the future for all my mortgage needs and would recommend him 100%!- Lisa Tacker
John was great! We went into this process not really knowing what to expect but John was extremely knowledgeable and informative. My husband and I were surprised at how easy, smooth, and fast the entire process was. Definitely recommend and will work with again!- Aubrie Alderink
Quick, efficient, knowledgeable, and a reliable company to work with. I am very uneducated with this process but was supported through the entire experience. Friendly and knowledgeable on what to do and not only to promote their business. Only to promote myself and what's best for my family.- Michael Carter
I just wanted thank John Doyle for the time and details he put into helping me with my loan. I got a great rate, less loan costs and helped me through a unique set of challenges. I can’t thank you enough for all of your help! A home town lender is definitely the way to go and highly recommend him! Thank you John, you're a life saver 😁- Karin Riddle
Excellent company to work with. Professional, honest, straight-forward. They got the job done.- Kathleen Bagley
John was quick and kept us fully informed. Would definitely use him again and will refer him to anyone who is looking for home financing.- Debbie Heyne
We did a home mortgage refinance with John Doyle at Copperstate Home Loans. The process was so smooth and stress free. John was quick to respond and answered all of our questions throughout the process. He also got us an amazing interest rate! We are so glad to have found him and would gladly choose them again!- Amelia N.
From start to signing was about 20 days, maybe less. Natalie & John are great to work with. Friendly, fast, honest, and kept great communication throughout the process. It was too easy.- Donna Y.
Recently we decided to refinance our home to get a better interest rate. I was about ready to go with another mortgage company, when I overheard a conversation at work about Copperstate Home Loans. I contacted them, and because their costs were lower than any other quote I got, I decided to go with them. WOW! My loan closed in 16 days, and I saved money. Can you believe it, from start to close, it was 16 days. I've never had a loan close in less than 30 days, or even longer. This was WORLD CLASS SERVICE, accompanied by some great cost savings. Thank you very much Natalie and John. We are saving a ton of money, and you guys were great to work with.- John O.
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!