Ready to Buy Your Home?
We’re here to help you buy the home of your dreams. Buying a home is one of the most exciting decisions you will make. From getting pre-approved to finding the perfect home, understanding the home buying process can help give you peace of mind. So can partnering with a mortgage lender you can trust. Whether you’re building or buying your home, FBC is here to help you along the way!
The first step is getting pre-approved. Pre-approval for your home loan considers your household income and payment history before determining how much of a loan you qualify for. Online pre-approval applications like SimpleLoan.com have become a simple and secure way to qualify.
Home buyers can qualify for a variety of loan programs, and the best program for your neighbor may be different than the one that’s right for you. Choosing the loan that’s best for you takes time, knowledge, and experience.
Once you’ve been pre-approved for your loan, it’s time to start shopping! You can decide whether to build your home or buy a home that’s already on the market, and work with a real estate agent or New Home Builder to help you find the perfect fit. Once you’ve found your home, it’s time for you to make an offer.
Once your offer has been accepted, it’s time for FBC to get to work! Your loan application is reviewed to make sure all the required documents for your loan are in. Most buyers will schedule a home inspection to audit the condition of the house in case there are any issues. Appraisal will also happen during this time, conducted by an independent third party to establish the market value of the home, ensuring that the house is worth the value that you are paying for it.
Finally, your loan application is verified by an Underwriter, who performs a detailed analysis of your financing and your loan’s requirements. You may need to provide documentation, so it’s a good idea to keep a folder of all your files together. Creating a smooth process will help your loan paperwork flow more efficiently, bringing you closer to closing day!
You’re almost there! Once your home and loan are ready, FBC Mortgage provides you with all the final details you need, such as the final closing disclosure, what to bring to your closing, and how much money is needed at the closing. All that’s left is signing the final loan documents and receiving the keys to your house. Welcome home!
Ready to Apply?
There are many different types of loan programs you can choose from. Mortgages come in a variety of options and the best loan program for your neighbor may be different than the one that is right for you. Different loan programs incorporate different interest rate guidelines, required deposits, and more. Learn about some of the most common home loan programs offered by FBC Mortgage below. For more information on all our home loan programs, visit our Loan Programs page.
The FHA 203k loan program is a good fit if you are looking to purchase a home that may need repairs or upgrades. Common repairs issues include damaged roof, broken A/C system, and plumbing problems. It can also be used for upgrades on a home to be purchased, including flooring, painting, new appliances, and more. The FHA 203k loan program allows you to combine the costs of these repairs and upgrades to rehabilitate the property into the home loan.
In addition to streamlining costly repairs for a property, an FHA 203k loan can also be used for modernization of an existing home. This is useful for homeowners who want to update a kitchen or bathroom, build room additions, or other home expansion projects.
Adjustable Rate Mortgages (ARMs) typically have lower mortgage rates when compared to traditional fixed rate programs. These rates adjust periodically over time, which can vary based on how long of a mortgage term you take. If you plan on selling or refinancing your home in less than 10 years, an ARM may be one option worth considering. Adjustable Rate Mortgages can be complicated, which is why we recommend talking to one of our mortgage consultants if you think this loan program is right for you.
FHA is short for Federal Housing Administration. While FHA loans are geared toward first-time buyers, you do not need to be a first-time buyer to take advantage of this loan program. There are several benefits in selecting an FHA loan over other forms of financing. Easier credit qualifying, lower down payments and lower monthly payments all make FHA an excellent choice for first time buyers.
Fixed rate loans are offered with most loan programs, including Conventional, FHA, VA, and USDA. Fixed rate indicates that your mortgage rate and payment are fixed for the life of your home loan. Fixed rate mortgages typically range from 10 to 30 years.
The High Loan-to-Value refinance option provides refinance opportunities to borrowers with existing Fannie Mae mortgages. This program offers refinance options to help lower your interest rate, shorten your loan term, or change from an adjustable to fixed rate mortgage. FHLMC also allows for this option with the Enhanced Relief Refinance.
Jumbo Loans refer to loans in which the financing required exceeds the maximum loan amounts established by the Federal Housing Finance Agency (FHFA). If your loan amount is larger than the FHFA maximum amount, a Jumbo loan may be required to secure the remaining financing that’s required for your loan. Jumbo loans can be set as either adjustable or fixed rate mortgages and have other terms that may apply.
Reverse Mortgages have a variety of requirements in order to qualify. Most importantly, borrowers must be 62 years of age or older and must own the property in order to qualify for a Reverse Mortgage. The largest benefits of a Reverse Mortgage are eliminating mortgage payments and using your home equity to gain access to tax-free money in the form of a loan.
VA loans are backed by the U.S. Department of Veteran Affairs and are available for military personnel, surviving spouses, and veterans. One of the key benefits for this loan is that it offers a zero percent down payment, so service men and women are not required to make a down payment for the loan. These loans can also be up to 100% financed, pending all requirements are met. Usually, these types of home loans are approved fast with minimal red tape. Even if you have less-than-perfect credit, a VA loan might be the best for your financing situation. Other benefits of the VA home loan include it being offered as a fixed-rate or ARM mortgage that never includes monthly Private Mortgage Insurance (PMI).
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Some of our Awesome Testimonials
Mike is amazing. His people are great also. We have used him twice and I can’t tell you how easy they make everything! The easiest home loans we have ever had.
Kim was very professional and easy to work with. She completed everything ahead of schedule and communicated with us through out every step of the process.
Jon and his team walked my husband and I through the refinancing process very easily. I can’t recommend this company enough for your mortgage needs.
Matt Andre and his team were amazing! So easy to work with and communication throughout the process was exceptional!
Kevin always answered mine or my wife’s questions. Even once we asked them a million times. He was never frustrated or upset. Very nice and knowledgeable.
Ana and her team were really helpful in getting our condo approved. I would highly recommend them.
Questions About Home Buying?
Talk to one of our mortgage professionals to learn more about financing your new home today.