At OneTrust Home Loans, we help homebuyers in Scottsdale get the financing they need to buy a new home, consolidate high-interest debt, and refinance an existing mortgage. We always develop new loan products to fit your individual needs. When you work with us, you’ll learn that getting a home loan to buy a house is much better.
Types Of Home Loans We Offer
At OneTrust Home Loans, we offer different types of home loans for borrowers looking to purchase or refinance a home. Depending on the types of home loan you qualify for, you can choose from:
- Conventional home loan
The Government agency does not back this type of home loan. As a result, only homeowners with better credit scores can get a conventional home loan.
- VA home loan
The U.S. Department of Veterans Affair back this type of loan. VA home loan only requires as little as 0% down for homebuyers affiliated with the military and do not need private mortgage insurance (PMI).
- FHA home loan
The Federal Housing Administration (FHA) backs FHA loans and allows qualifying homebuyers to put as little as 3.5% down on the home purchase. This type of load is perfect for borrowers with credit issues.
- USDA home loan
USDA Home loan is only available for properties purchased in qualifying rural areas through the U.S. Department of Agriculture. USDA home mortgages offer low down payment options and attractive rates.
- Jumbo home loan
A Jumbo home loan is good if you want to buy a high-value property if your financial situation is on the upswing. However, Jumbo loan interest rates are high and very difficult to qualify for than other types of loans.
How To Choose The Best Home Loan
You need to ask yourself the following questions to help you determine what’s the best home loan for you, whether you’re a first-time homebuyer or trying to refinance from a 30-year to a 15-year mortgage. Here are hints for choosing the best home loan.
Assess your situation
You need to assess your situation before considering your loan options. This will help you choose the best home loan that fits your circumstances. The factors below will likely impact your financing options:
- The potential home cost
- Your financial well-being
- Your life plans
Consider loan options
It’s time to look at your loan options after you’ve evaluated your situation. Here are factors to consider when comparing loan options.
- The loan type
- The loan term
- The loan interest rate
Understand loan costs and fees
Your interest rate and point mix will determine your monthly payment amount. Points are the amount of money you pay upfront to decrease your interest payments for the loan. Generally, you may consider buying points upfront to lower the overall payments of the loan if you plan to reside in the house for a long time.
Need help getting the best home loan in Scottsdale? Contact OneTrust Home Loans today at 480-418-4555. Our team can help you with a personalized solution.