Are you a first-time homebuyer? Unsure of what a mortgage is or how it works? Jeremy gives us a quick overview of the different types of mortgages and what options you have when it comes to a downpayment for your first home! If you’re looking for more information on the home buying process, send us an email (team@twincitieselite.com) and we’d be happy to get you started on the right path!
Hey there, Jeremy with Twin Cities Elite Real Estate Group and if you’re a first-time homebuyer, you may have some questions about the whole home mortgage process. There’s really three moving parts to the home mortgage process itself. We are going to have principal, interest, and down payment. Within the mortgage itself, it’s going to include your property taxes, your insurance, and your PMI, as a potential. Moving forward from there, the typical type of loans that we have are our FHA, which is for Federal Housing Administration, which allows for 3.5% down payment. We’re also going to have a conventional style loan, which is going to allow for a 5% down payment. From there, we have a VA loan, which is going to be our veteran’s loan and, or you’ll also hear a USDA loan, which is going to be for rural development areas. With the veterans and the USDA loan, those ones we can both get you into a property with a 0% down payment.
So if you’re looking to know some more information or have questions about the home mortgage process and how everything works, please feel free to reach out to myself and/or any of the teammates that we have at the Twin Cities Elite Real Estate Group. We’d be more than happy to help you answer your questions in more detail.
Thanks!
Guiding you home,
