You want to buy a home in Santa Rosa, California. That means you’ll probably need to secure financing. Perhaps you’re considering an FHA loan. If so, you’ll need sufficient information before making a commitment. You’ll discover that one of the best info sources is a qualified FHA mortgage broker in Santa Rosa. A professional of this caliber has the resources, experience, and knowledge to provide a clear and accurate picture of the road ahead. Properly enlightened, you’ll move forward confident in your ability to secure the most advantageous loan possible.
The Importance of Asking Your Lender
To become properly informed, you must ask the right questions. So, what should you be asking your chosen mortgage broker in Santa Rosa? While the possibilities are many, there are several basic inquires that must be made right off the bat. Knowing the answers to these will start you on a sound footing and help minimize confusion. Remember, don’t be shy about asking. Reliable brokers expect the inquiries. And they’re fully prepared to provide answers. Whether you communicate your inquiries by phone, email, or in person, don’t hold back. You need all the information possible at this point.
A Mortgage Broker with the Answers
As an established Santa Rosa mortgage broker, HPI Financial is accustomed to fielding these preliminary questions regarding FHA loans. Here are several of them:
What is an FHA loan? Essentially, this is a mortgage that’s fully insured by the Federal Housing Administration. People applying for such a loan must purchase mortgage insurance. This protects the lender, not the borrower. Should the borrower default, the insurance covers the financial institution for any resulting loss.
Such protection is an obvious plus for the mortgage broker. But it raises another important question that should be asked: What about borrowers? – why is an FHA loan good for them? Well, in a nutshell, it saves borrowers a significant amount of money. That’s because this type of mortgage offers very competitive interest rates. In the long run, the savings gained by paying lower rates can amount to a considerable sum.
Moreover, thanks to more flexible requirements, FHA loans are easier to qualify for. This alone makes such mortgages incredibly attractive.
The Down Payment Question
Another important question that should be answered early on is – What type of down payment must I come up with? That answer depends on your credit score. Down payments for FHA loans can be as low as 3.5%, with the upper end set at about 10%.
This, of course, is not meant to be an exhaustive list of important questions. But it does provide a starting point for those interested in FHA loans.
Would you like to learn more?
HPI Financial can help. As an established FHA mortgage broker in Santa Rosa, we have the experience, know-how, and dedication to provide you with expert assistance when you need it. For more information and answers to all your questions, contact our team at (650) 741-9797.