Home Loan Advice for Real Estate Planners with Mike Carvajal

Every home buyer wants their piece of the American dream. This means investing in your future and making the decision to buy a home. For potential home owners, now is the best time to purchase, as home prices have fallen 34 percent from their 2006 peak and mortgage rates are now at record breaking lows. 

Despite these enticing offers, climbing the ladder towards savvy real estate investing is a difficult one. Fortunately, there are resources that potential home buyers can utilize to navigate through the process. Michael Carvajal from Equity Loans offers free consultations and advice to home buyers seeking home loans, refinancing and reverse mortgages. 

In some cases, owning a home may be less costly than renting, with affordable benefits lasting for years to come. Equity Loans provides some of the most comprehensive advice for acquiring home loans and where and when to make the right decision. If you are tired of navigating stressful paper work full of real estate jargon, here are a couple of helpful tips to keep you one step ahead of the game:

What should I consider when buying a home?

You will need to get a mortgage when purchasing a home, so you should make sure that your credit is in good condition. You should also aim for a house that you can afford -- a "dream within a dream." Your expectations should never be more than you make annually. The rule of thumb is typically to buy housing that runs about two-and-one-half times your annual salary. Equity Loans offers a superb calculators for costs which is available to you online. This can better help you evalaute your income, debts and expenses.

How do I get a home loan?

If you cannot afford the usual 20 percent down, don't worry. Applying for a home loan is still an option and there are a variety of lenders who offer low-interest mortgages that require as small as three percent of the purchase price if you qualify. The Fannie Mae HomePath loan from for first-time buyers is available through a consultation with Equity Loans, which offers a three percent down payment with no appraisal and no mortgage insurance.

Just as every home buyer is different, there are also a variety of home buying alternatives to choose from. These options include: 

• Down Payment Assistance
• FHA Loans
• USDA Rural Home Loans (100% financing)
• VA Loans (100 % financing for veterans)
• Jumbo Mortgages
• Home Equity Loans
• Reverse Mortgages

When would I need to refinance my home?

Refinancing is also a great option for current home buyers to lower monthly payments and avoid foresclosure if facing financial difficulty. For those just seeking a way to finance home improvements for appraisals, etc. this is also a great option. 

Michael Carvajal from Equity Loans can help you evaluate your planning when purchasing a home to make this process stress-free. If you are ready to buy a home or need advice about which home loan is right for you, email Michael Carvajal at mcarvajal@equitysource.com to get your free consultation today!