The mortgage industry is an essential part of the real estate market, providing individuals and families with the financial resources they need to purchase a home. The process of obtaining a mortgage loan involves several steps and sometimes it can be a bit complicated.
The first step in obtaining a mortgage loan is to determine how much you can afford to borrow. This is done by taking into account your income, credit score, and other financial factors. The best practice to enter the mortgage loan is to start by researching different lenders and loan products. You can compare interest rates, fees, and other terms to find the best loan for your needs.
It's important to keep in mind that the mortgage industry is constantly changing, and the best practice to enter the mortgage loan can vary depending on the market conditions and the economy. It's important to keep yourself updated with the latest trends in the market and to work with a qualified mortgage professional.
Recently, Linda Peltz held a talkshow with Garrett Wood, a Mortgage Advisor from Nexa Mortgage. They covering the overview of home loan and how the mortgage industry works. Tune in the video below to learn more:
Benefit of Mortgage Program from Nexa Mortgage
Lots of mortgage companies has been promoting their benefits to clients and further guarantee a much competitive price. The common benefits of a mortgage program include the ability to purchase a home with a lower down payment, access to lower interest rates, and the ability to qualify for a larger loan amount. Additionally, some mortgage programs may be designed to help specific groups of people, such as first-time home buyers or veterans
During the years, Garrett Wood have been promoting an excessive and competitive mortgage program through Nexa Mortgage. Garrett Wood has all the time to share about its advantage than other company in the video above, but let’s cover few of the point.
Things that differ Nexa Mortgage, which also being a game changer, is that they have an approach by data, using that in a lot of ways to focus to leverage loan programs to build wealth for their clients.
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Nexa Mortgage has total cost analysis which give clients an overview of how the financing, statistic and calculation works within the programs. In which not all mortgage company would offer this kind of extra in their programs.
Garrett Wood stated “When you have a mortgage, there's two expenses of your mortgage, you've got interest and then you've got your mortgage insurance and what is oftentimes overlooked is the fact that over 15 years you've actually spent $380.000 on interest to mortgage insurance. In this example right and Nexa Mortgage uses a total cost analysis in order to lay this out for their client.
“And say what is your goal? Is it to build wealth? Are you going to refinance in five years? The statistics says only 25 percent of home buyers actually refinance which is very low so that means that what I'm coaching my clients is as of today in the context of they're going to have this loan for 15 or 30 years what makes the most sense for them”
Choosing the Best Mortgage Programs
There are several types of mortgage programs to consider, including conventional mortgages, FHA loans, VA loans, and USDA loans. The best program for you will depend on your specific circumstances, such as your credit score, income, and the type of property you are purchasing.
Many mortgage company offer programs in place to help clients who are experiencing financial hardship due to events such as job loss, illness, or natural disasters. Some options for mortgage payment assistance including: Loan modification, Forbearance, Repayment plan and Refinancing.
Meanwhile in Nexa Mortgage, Garrett Wood mentioned that the company have a program called boost down payment assistance. Its a repayable form of down payment assistance, however the lenders actually offering a $7600 credit to use this program today and so if you were to say- I'm fine with the 7,5% interest rate to start your loan, knowing you can refinance whenever the time.
In this circumstance, you can see there's tiers to this you can accept the $2000 credit or a 6,3% interest rate so Nexa Mortgage could get a little bit lower. Thats how down payment assistance looks like with Nexa Mortgage.
Now say you didn't want to do the Boost Down payment assistance, what else is there in Nexa Mortgage? Garrett Wood mentioned that they have forgivable programs where you're not repaying anything it's just given as a straight grant. Now the downside to something like that is you would pay upto $1700 to lock your interest rate for 30 days. so now you have a cost associated with that down payment assistance because it's forgivable.
To learn more about how mortgage works and the programs offered by Nexa Mortgage, don’t hesitate to reach the details below:
Linda Peltz Realtor - eXp Realty
Lender Garrett Wood- Nexa Mortgage
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