First Time Homebuyer Programs
Buying your first home can be overwhelming, but the benefits of being a first-time homebuyer make it all worthwhile. You will be able to own a home that suits your needs and lifestyle, establish and improve your credit, receive tax benefits, and best of all, you can stop wasting your money on rent.
Equinox Lending has home loan experts who specialize in first-time homebuyer programs. They can help you through the process of buying your first home and securing a first-time mortgage.
Lowest Rates for First Time Homebuyers
As a first-time homebuyer, you may be concerned about keeping your first-time mortgage payments low, especially for the first few years. Our mortgage specialists will help you choose the best home financing option, so you can afford your dream home without struggling to pay your monthly mortgage. We have a wide variety of competitive loan programs for first-time homebuyers including:
- Fixed-rate mortgages: The mortgage interest rate will remain the same on these loans throughout the term of the mortgage for the original borrower. Our popular 30 Year fixed-rate mortgage is often the best option for first-time homebuyers. Use our Fixed Rate Mortgage Calculator to give you an idea of what your loan may look like.
- Adjustable rate mortgages: An adjustable mortgage has an interest rate which is adjusted periodically based on a pre-selected index. The advantage of an ARM is that you may be able to afford a more expensive house because your initial interest rate and payments will be lower in the first few years.
- FHA loans: This is a low-interest loan insured by the Federal Housing Administration which is open to all qualified homebuyers. While there are loan amount limits for FHA loans, they are usually sufficient to cover most moderately priced homes anywhere in the country.
- VA loans: A long term, low or no down payment loan guaranteed by the Department of Veterans Affairs. Restricted to individuals qualified by military service or other entitlements.
Try our mortgage calculator. It will help to determine the amount you will spend on a mortgage each month, based on your current income and expenses. We make the borrowing process easy and convenient for first-time homebuyers, by offering competitive rates and minimizing fees, normally incurred with a loan arranged through a broker.
Loans for Moving or Upgrading Your Home
Whether your family is growing, or you got a great promotion, or you just want to experience something new, there are many reasons for moving or upgrading to a larger or different home. As your family and financial needs change, your home should as well.
With today’s favorable prices, it’s a great time to consider buying your next home. The benefits of being a move-up buyer in this market include:
- Luxurious amenities: Additional income may allow you to upgrade to a more luxurious home.
- Manageable space: If you want to downsize or simplify your life, you may be ready to consider a smaller home.
- Having additional space: Perhaps you need extra room for your growing family or more space to accommodate your social life and hobbies.
- Career Changes: Changes in your career may make it necessary to relocate to a new area.
So if you’re thinking of moving, or buying a vacation home or an investment property, the first step should be to talk with an Equinox Lending professional about getting a free up-front credit approval. Getting pre-approved for home financing will let you know how much you can afford, and give you the confidence of shopping as a qualified buyer.
Things to consider as a move-up buyer
Buying a home is a large investment and requires special attention. Before making this important decision, please take the time to think about the following:
- Future requirements for a new home
- Cost of selling your current home
- Moving costs
- Selling price for current home
Once you’ve decided that moving or upgrading is the right choice for you, our licensed loan specialists can offer you many types of mortgages. Along with our flexible home financing options, varied down payment programs, and ability to close your loan fast, we’ll help make buying your next home an uncomplicated and rewarding process.
Types of Mortgages
Buyers looking to upgrade to a new home have plenty of types of mortgages available such as FHA Home Loans, VA Home Loans, Conventional, Jumbo Mortgage and Super Jumbo loans. Each option has its advantages based on the amount of money you have for a down payment, your financial stability and how much you want to pay each month.
Investment Property Loans and Financing
The needs of real estate investors are very different from those of a typical home buyer. It’s important to work with a mortgage lender who understands real estate investing and financing investment properties. At Equinox Lending, our licensed mortgage specialists will help you decide what kind of investment property best suits your investment goals and how to finance it.
Benefits of buying investment properties
When you are ready to buy an investment property, our specialists can help you get the information you need to enjoy the financial and personal benefits of owning a rental home. Contact one of our investment property loan representatives to find out how you can benefit from these income property benefits:
- Rental opportunity: Renting out your property to tenants creates additional cash flow.
- Increased cash flow: Your investment property can provide income to offset your expenses.
- Potential tax benefits: There are many tax advantages to owning rental properties, such as deductions for mortgage interest, property and taxes.
- Build your investment portfolio: You can diversify your portfolio by owning an investment property.
Investing in distressed properties
Distressed homes are among the best value for today’s investment properties; however, construction materials and renovations can be costly. An FHA 203k Home Improvement Loan from Equinox Lending can give you the financing you need to purchase the property as well as extra money to pay for improvements. This home financing option packages your mortgage with a construction loan based on the estimated value of the house after renovations are complete. Now you can buy an investment property, and make it the home of your dreams.
At Equinox Lending, we provide a variety of types of mortgages suitable for real estate investing including, 30 Year Fixed Rate Mortgages, 15 Year Fixed Rate Mortgages, Adjustable Rate Mortgages, Jumbo Mortgage, and more.