There are a few very important factors to consider when purchasing a house, but definitely, the most important one is choosing the right lender or financial institution. This can be a bit overwhelming because you do have a lot of options for this.
However, this is an important part of the process of purchasing a home that you should spend time on. You may already have a financial institution in mind if you have been planning to purchase a house for a while now, but the wisest thing to do is to shop around for a mortgage.
Shopping for a mortgage can be quite a task and you will need to use a monthly payment calculator to at least have an idea as to how much your principal will be with the different rates that different financial institutions will be offering you. You can also choose to get help from a mortgage consultant as you go through this process.
In this article, we chose three of the best lenders right now in the United States. We will share what they have to offer so that you can easily see the differences that they have.
Here are the products that Q financial offers:
- Adjustable-Rate Mortgages (ARMs)
- Cash-out Refinancing
- Down Payment Assistance
- Conventional Mortgages
- Jumbo Mortgages
- Manufactured Home Loans
- FHA Loans
- USDA Home Loans
- VA Home Loans
- One-time Close Construction Loans
- Home Improvement Loans
- Investment Property Loans
- Mortgage Refinancing
- 15 and 30-Year Fixed-Rate Mortgage
- Zero Down Mortgage
- Construction Loans
Not all financial institutions would offer construction loans. Q Financial can offer you a permanent financing loan and a construction loan combined. That is called a one-time close construction loan. A construction loan with Q Financial can be combined with FHA, USDA, Conventional, and VA loans. Verify first if you can qualify for the loan by checking the usda loan map texas eligibility.
What’s also great about Q Financial is that you can easily manage your finances online with its mobile app. Through this app, you can contact your consultant anytime, receive your rate quote remotely, get accurate loan estimates, and check the progress of your loan anywhere.
Here are the products that Chase offers:
- DreaMaker Mortgage – this is a type of mortgage offered by Chase that targets the limited income demographic. For a 30-year fixed-rate loan, you would only be required as little as 3 percent for the down payment which can come from a gift or grant. The loan limit for this is 510,400 US dollars per single unit. The limit is higher for a duplex or more.
- Fixed-rate loan
- Adjustable-Rate Mortgage
- FHA Loan
- VA Loan
- Jumbo Loan
- Home Affordable Refinance Program (HARP)
Not that Chase doesn’t offer any personal or residential construction loans. What Chase only offers is a commercial business construction loan. What’s great about Chase is that you can also use its Chase Mobile App. You can use this to make payments, and so, this isn’t an application process app. Through the app, you can make direct digital payments, set up repeated payments on your selected intervals, and make one-time online payments.
- Wells Fargo
Here are the loans that you can get from Wells Fargo:
- Adjustable-Rate Mortgage
- Jumbo Loans
- Government Mortgage Loans
- Cash-Out Refinancing
- Loans for Newly Built Homes
- Home Equity Line of Credit (HELOC)
- yourFirst Mortgage – this is something that only Wells Fargo offers to people who are first-time and repeat homebuyers with limited cash for a down payment. For a fixed-rate mortgage, you may only have to make a down payment of at least 3 percent through the use of gift funds and down payment assistance programs. However, you’ll also need mortgage insurance to be able to get this type of loan.
Wells Fargo offers home loans for newly constructed houses as well. They can help you along the way of building your home and you can also be protected from inflation for an additional fee while your home is under construction.
While Wells Fargo doesn’t have its native mobile app yet, you can still apply for any loans on its website. What Wells Fargo only has for now is a personal banking mobile app. This means that you won’t be able to track the progress of your loan application.
These are the three popular options that you can check if you’re shopping for a mortgage. It’s still best that you work with a mortgage consultant if it’s your first time to purchase a home or if you don’t have much idea on the process of purchasing a new home. Always consider your financial situation, especially now that we are dealing with a pandemic.