Home Purchase Mortgage
A Home Purchase can be the biggest single purchase you will make in your life. Best Rate Mortgage offers a variety of Home Purchase products to satisfy the needs of the first time home-buyer as well as the seasoned real estate investor.
For the First time buyer, Home purchase mortgages are offered with very little money down. These entry level mortgage purchase mortgages are great for those with as little as $5000 in savings. It should be noted that these low down payment home purchase programs are often accompanied by increased monthly mortgage payments in the form of PMI or MIP premiums.. Generally speaking, the more you put down as a down payment, the less the PMI or MIP premium will cost you.
The Home Purchase process is typically a 45 day cycle. Depending on circumstances, it can be as short as 20 days or as long as 90 days. You will have to sign a Purchase and Sale agreement with the seller, electronically or physically sign the initial mortgage paperwork, produce bank statements and income documentation, and attend the closing to sign the final mortgage note and deed paperwork. As you advance through the steps above, we simultaneously secure a plot plan, lenders title insurance policy, and property appraisal.
Best Rate Mortgage also offers renovation and rehab home purchase mortgage loans. These mortgage loans are often utilized when purchasing a home that does not qualify for financing due to its poor or incomplete condition. These mortgages are commonly used for the purchase of foreclosed properties.
We offer home purchase mortgage loans for in accordance with the guidelines FannieMae, Freddie Mac, and FHA. These home purchase mortgage loans are for owner and non-owner occupied single family homes, condominiums and multi family apartment buildings. We do on not offer mortgage loans for land, commercial property or single wide trailers or mobile homes.