Go Rascal made our first home purchase much easier! They were super responsive, and very e...
Ryan C.
99% Applicant Approval
Trusted professional guidance means finding you the right lender.
Trusted Guidance for the Road Ahead
Here’s a simple roadmap to get you home.
1
Pre-Approval
This is the step that gets us to a comfortable price range.
Shop for a New Home
If you’ve found a place in your pre-approval range, great! If not, let us know. We have all kinds of ways to help.
2
Shop for a New Home
If you’ve found a place in your pre-approval range, great! If not, let us know. We have all kinds of ways to help.
3
Get Personalized Loan Options
Humans have a lot in common, but not the same perfect loans. We dig deep to find the one that’s just right for you.
Underwriting
Best rate. Quickest turnaround. Optimal parameters. Pick three.
4
Underwriting
Best rate. Quickest turnaround. Optimal parameters. Pick three.
5
Closing
We are out in front, making the process a stroll through the park. There’s nothing quite like putting that welcome mat out front.
A Number of Things that Set Us Apart
Available 24/7
On it whenever you need us
99% Applicant Approval
On it whenever you need us.
Your Mortgage. In As Few As 8 Days
Access to lenders with industry-leading turn times and competitive rates.
A Track Record 20 Years Long
You want a guide who knows every twist and turn in the road.
Purchase
How to Purchase a Home with a Mortgage
Having a house is a dream but it can also be one of the costliest tasks in America. Home mortgages have made it super easy to accomplish owning a house no matter what stage of life you may be experiencing. If you’re also a first-time buyer, then you should read until the end for an easy guide on the what, where and how of mortgage purchasing.
What is a home mortgage, and what is its importance?
Paying for a house all at once is usually very difficult. A mortgage is a type of loan for buyers when they don’t have enough funds to purchase a home. It requires a certain amount of down payment, and the leftover sum of the house is divided into monthly installments with a rate per annum.
How does a home mortgage work?
A mortgage loan is divided between a buyer (you) and a lender (a bank or financial institution). The buyer borrows money (total cost of the house) from the lender, and in return, he pays back the amount at a specific interest rate. The mortgage lender decides the interest to be paid off in monthly or quarterly installments depending on different factors. Typically, mortgage loans last for 15 or 30 years. There are several pros and cons of 15 vs. 30 year mortgages.
On the contrary, a reverse mortgage for purchasing a home is also available for senior citizens. They are free to convert their home equity into an income without paying any monthly installments.
What are the pros of mortgage purchasing?
- Fixed-rate loan with monthly payments
- It results in a fruitful investment
- The rate of interest is less
- Mortgage lets you invest in other equities because the amount is broken into monthly installments
- Tax benefits on home mortgages
How do you get a mortgage loan?
Knowing the exact stages of purchasing a mortgage is essential for a first-time buyer. These are the steps that follow:
1. Preapproval of the mortgage for mortgage lenders to determine if you qualify for the loan or not.
2. Start looking for houses online. The lender will close the deal on the best prices chosen by you online.
3. Apply for a loan application with your details.
4. Loan processing for the mortgage begins.
5. Underwriting and pre-closing process for the mortgage.
6. Closing meeting and final walk-through with mortgage notes.
What is a mortgage note?
A mortgage purchasing note is a contract or note including interest percentage, rate, and the loan term of the borrowed amount that you have to pay back to the lender. If the borrower fails to pay back the loan in a given duration, the lender has the right to claim the property.
Do mortgage rates affect the purchasing power?
Absolutely, yes! If purchasing a mortgage increases by some percentage, it affects the purchasing power. The per month mortgage payment installment will increase and make it difficult to afford the house and cause difficulty in paying back the loan amount in time. Therefore, you must look out if the interest rate fulfills your budget or not. You can make sure you get the best rate by working with a mortgage broker.
Make your dream come true with a mortgage purchase!
Fulfill your dream of purchasing a home by working with a qualified mortgage broker who will find you the best rates. Contact GoRascal today to kickstart your journey of having a home of your own!