Today I’m with Aiman Abozeid from Inlanta Mortgage, NMLS# 237450 and Inlanta NMLS# 1016, and he is going to be supplying us with details about the different financing options in Madison. We’re both getting a lot of the same questions, so I thought I’d bring in an2 expert to provide some answers.
The first question you may ask is "What does it take to qualify for a mortgage in today’s market?" Honestly, all you need is average credit, verifiable income, and an actual plan to purchase a home. It’s not as easy to get a mortgage as it was in the late 2000’s, but it’s still within most people’s reach.
Another question a lot of people like to ask is "What is the best loan?" There really is no ‘best’ loan. Each loan will work differently for you depending on your unique financial situation. Some loans only require 3% down and others don't even require a down payment. It all depends on what you need personally.
Aiman does not recommend only going online and getting a loan. Buying a house is the largest purchase of your life so he recommends sitting down and talking to someone about it. If your goals aren't known to the company, how can you expect to be aligned with the correct loan product for you?
Yet another common question is "Are there any loan products that most people overlook?" Aiman recommends looking into a Mortgage Credit Certificate. This gives back 25% of the mortgage interest that you pay in a year as a first time home buyer. If you qualify, this can be up to to $2,000 per year in savings.
Renovation loans are also underutilized. These allow you to take out a loan with no interest, and you can take the loan out against your home. It’s the perfect way to fund larger renovation projects.
If you have any questions for myself or for Aiman, don’t hesitate to ask; we're always happy to help!