Programs That Make Homebuying Affordable
December 7, 2022
Purchasing a home is more than just a transaction. The desire to become a homeowner stems from a goal to achieve the pride of homeownership, the benefits that come from home value appreciation, and the opportunity to leave a legacy and build wealth. Your home is a place where memories are made; you are surrounded by your belongings, enjoy décor of your personal taste, and happily begin and end each day in a place you can call your own.
Although the market may appear a little more intimidating than usual right now, GoPrime offers loan programs and knowledgeable local lenders who can help you to get on track and stay going the right direction on your road home. Here’s how.
The first step in the homebuying journey is research. Look at the neighborhoods in your desired area and, if applicable, see what school district the home is in. Take a walk around the town and check out what shops and restaurants are there; can you see yourself living here? Next, set a financial boundary – and stick to it! There is nothing fulfilling about buying a house above your budget and being “house poor”. When setting your budget, be sure to include unexpected costs like home repairs or appliance replacements, and some fun stuff like updates and renovations. After you have settled on an idea of your monetary limits, it is imperative to build a solid team. Start by choosing a real estate agent that you trust – one who respects your financial stipulations and takes the time to understand what kind of home you are looking for.
Many homebuyers take the importance of a reputable loan officer for granted. Partnering with a local lender has many perks, such as working with someone who is familiar with the home landscape in your desired area, someone who will listen to you and work with your financial goals, and someone who will walk you through each step of the process with clear, concise, and honest communication. GoPrime has lenders in states across the country who are happy and willing to work with you.
When you are ready to move forward and put in an offer, be sure to speak with your loan officer to learn about the different loan program options to determine which may be right for you. Mortgage loans are not one-size-fits-all, and we offer many different varieties. Our large array of program options ensures that we can connect you to the loan that best fits your personal goals and lifestyle.
In a time where interest rates and home inventory is changing so quickly, it’s easy to begin to consider skipping the idea of purchasing a home right now at all. With so much uncertainty floating around, it’s comforting to know that you are partnered with a lender who is working behind the scenes for you. GoPrime offers unique programs to benefit a homebuyer at a time like this, such as a Lock and Shop program, and a 2-1 Buydown program.
Our Lock and Shop program empowers you to take advantage of locking in your interest rate during the process of shopping for your home. While you are looking for the perfect house for you, this program will allow you to shop around with confidence for 60 days with the comfort of knowing that your rate will not fluctuate with the changing market. The best part? There is no rate lock fee associated with this program, so you can feel at ease knowing what you will be paying when you find your home.
GoPrime’s 2-1 Buydown program could be another great option to keep homebuying more affordable for you. This is a type of financing that lowers the interest rate on your mortgage for the first two years before it rises to the regular, permanent fee. The first year you will receive 2% off your interest rate, and the second year you will receive 1% off. A buydown can benefit all parties involved, as it can help a seller to sell their home quicker and give the homebuyer an extra incentive to close the deal. This program is available on all conventional (fixed and ARM) and FHA (fixed rate only) loans, excludes manufactured homes, and the seller pays the difference.
Remember, a home is where life happens – you want it to be the right home. Don’t feel rushed into purchasing right away if you don’t find the ideal home on the market today. However, it’s important to be prepared for when you do find that house. Meet with your local lender and start the pre-approval process, have your paperwork in order, monitor your credit, and do your research.
Whether you already have a home in mind, or you’re just starting the process, GoPrime is ready to help you achieve your homeownership dreams.
Get in touch with us and we would be happy to discuss these and other programs that may help you to find your happy home.