The first step to buying a home is finding a loan that meets your financial needs. As your local mortgage lender, we take the time to get to know you and fully understand your long term goals to tailor make a plan that fits your needs.
This is a state program offered through the Arkansas Department of Finance Authority. This suite of programs includes down payment assistance and grants for first time home buyers.
Construction loans allow you to finance the construction of your custom home from start to finish. In conjunction with Eagle Bank, we offer construction loans to fit your custom home needs.
VA loans provide 100% financing options when purchasing or refinancing a home for current or ex-military personnel.
Rural Development loans provide 100% financing options when purchasing or refinancing a home located in a rural area.
Conventional loans have separate down payment requirements, depending on the specific situation, and are typically more attractive for individuals with good credit scores and/or the ability to contribute a substantial down payment.
FHA loans require a relatively low down payment and are insured through the U.S. Federal Housing Administration.
Congratulations on your decision to purchase a new home! There are many important things to consider throughout the process, especially if you are a first-time homebuyer. Here’s some information that will keep you on track. In general, a home purchase may be your largest financial transaction to date, so it’s important to make the right decisions and to keep an eye on the details. With the assistance of your real estate agent and loan officer, it should be an efficient, pleasant, and ultimately rewarding experience.
• Review available homes to weed out those that are overpriced or undesirable in some other way.
• Present the homes that suit your needs as defined by you.
• Help you determine the difference between a “good buy” and a property which, because of its nature (neighborhood, market appeal, etc.), might have to be discounted if you decide to sell in the future.
• Negotiate the best deal for you. With a pre-qualification letter from us in hand, your real estate agent will be able to demonstrate that you are a qualified and capable Buyer.
• Assist you in selecting the best loan to meet your personal situation and goals. (This single decision can save you thousands of dollars throughout the years!)
• Keep you informed of your loan status throughout the entire process.
• Keep your real estate agent informed of our loan progress.
• Help you determine the most appropriate loan, for your specific needs. This will save you significant money “up front” and throughout the years to come.
• Keep your real estate agent informed of any questions or concerns as they develop.
• Keep the process moving by providing documentation and decisions as soon as reasonably possible.
• Enjoy purchasing your home, but do remain objective throughout — to make the business decisions that are best for you.
• Make sure you are pre-qualified as early as possible. This will put the power of financing behind you so you can concentrate on selecting your home.
Everyone has questions about the home buying process and we're here to help you every step of the way.
The best way is to get Pre-Qualified and connect with us to find out approximately how much you can borrow before you start shopping for a house.
Once you have that number, you can provide more information and allow your us to run your credit report to verify your assets and income.
We can also help you obtain a complete written credit approval, subject to an appraisal, before you make an offer on a house.
Your credit score is one factor that can affect your interest rate. In general, consumers with higher credit scores receive lower interest rates than consumers with lower credit scores. Lenders use your credit scores to predict how reliable you’ll be in paying your loan. Credit scores are calculated based on the information in your credit report, which shows information about your credit history, including your loans, credit cards, and payment history.
Many lenders offer slightly different interest rates depending on what state you live in. To get the most accurate rates using our Explore Interest Rates tool, you’ll need to put in your state, and depending on your loan amount and loan type, your county as well.
Homebuyers can pay higher interest rates on loans that are particularly small or large. The amount you’ll need to borrow for your mortgage loan is the home price plus closing costs minus your down payment. Depending on your circumstances or mortgage loan type, your closing costs and mortgage insurance may be included in the amount of your mortgage loan, too.
In general, a larger down payment means a lower interest rate, because lenders see a lower level of risk when you have more stake in the property. So if you can comfortably put 20 percent or more down, do it—you’ll usually get a lower interest rate.
The term, or duration, of your loan is how long you have to repay the loan. In general, shorter term loans have lower interest rates and lower overall costs, but higher monthly payments. A lot depends on the specifics—exactly how much lower the amount you’ll pay in interest and how much higher the monthly payments could be depends on the length of the loans you're looking at as well as the interest rate.
Interest rates come in two basic types: fixed and adjustable. Fixed interest rates don’t change over time. Adjustable rates may have an initial fixed period, after which they go up or down each period based on the market.
There are several broad categories of mortgage loans, such as conventional, FHA, USDA, and VA loans. Lenders decide which products to offer, and loan types have different eligibility requirements. Rates can be significantly different depending on what loan type you choose. Talking to multiple lenders can help you better understand all of the options available to you.
Honestly, yes, but it's just a little bit more difficult and only if you own more than 24% of your company. In addition to the standard information, we'll also want financial reports for the company, however, each application is different and it's possible we'll need additional documentation along the way.
When you buy a home, one of the biggest up-front expenses is the down payment. Not to be confused with closing costs, the down payment is the portion of the purchase price that you pay upfront at closing. Generally, if you put less money down on a home at closing, you’ll pay more in fees and interest over the loan’s lifetime (and vice versa).
Conventional loans generally require a 20% down payment but other programs such as VA, and USDA can offer down payments of as little as 0%. You may be eligible for down payment assistance as well. Contact us for more details.
This insurance helps protect a lender if a borrower forecloses on their property.
Borrowers pay for the mortgage insurance, allowing lenders to grant loans they might not have otherwise.
Mortgage insurance may be required on some loans when a down payment is less than 20 percent.
Annual Percentage Rate is the cost of your total loan credit calculated into an annual interest rate.
The APR includes loan points and other prepaid finance charges to reflect the true yield on the loan, which is why the APR is normally higher than a loan interest rate.
To check that you’re getting the most competitive loan, you can compare “apples to apples,” or APR to APR, on different loan programs.
Credit holds a serious impact on your eligibility for a loan and your interest rate.
The best way to maximize your credit impact would be to keep your credit debts low, make regular payments, pay them off, and hold those low or zero balances as long as possible. This will establish a clean line of credit, set you up for success, and while it may take a while, it will be worth it in the long run.