Locking in favorable terms with a fixed-rate mortgage. As of this writing, interest rates are at their historical rock-bottom. Receiving a fixed-rate mortgage lets you potentially lock in the most affordable terms we’ve seen.
The Money-Saving Secrets of the Home Purchase
If you’re tired of throwing rent toward the landlord, you can keep some of that money by putting it toward the principle of your very own home mortgage. Why bother? Here are some of the money-saving secrets that homeowners can enjoy:
Get pre-approved for a mortgage to do your research first. Ready to shop around? There’s no pressure. Get pre-approved for a mortgage and find out how much home you can afford—these are essential next steps that convince a home seller that you mean business.
Buy the home you can afford. When you know your total monthly liabilities, your income, and your credit rating, you can easily calculate just how much home you can afford. This will help ensure that you buy a house that remains a long-term blessing and not a strain on your budget.
The Stats: What You Need to Know Before You Buy a Home
Homeownership is common. In fact, statistics from 2019 show that the homeownership rate was a staggeringly high 64.8%, which means the majority of people have gotten out of the rent cycle and into their own home.
You don’t need experience. First-time home buyers constitute one-third of all home buyers, which means that you don’t have to feel intimidating by the home buying process, even if it’s your first time. It’s far more common to be going through this process for the first time than you might imagine.
The average length of time is low. Have house fever? You’d be surprised how quickly things can move. The average length of time between someone visiting a potential home for purchase and the closing date was only 73 days, or two and a half months.
Are you interested in finding out if a home purchase makes sense for you? Are you ready to join the ranks of homeowners and lock in potentially low rates?
2 Ways to Use Your FHA 203(k) Loan
Buy a Fixer-Upper (and Fix It Up)
Or... Renovate Your Current Home!
Elena and her talented team helped my husband and I purchase our home. Elena is without a doubt the most knowledgable brokers in the area. She took the time to explain our options, answer all of our questions, and help us close on our first home in a matter of week! We are so grateful to Wholesale Mortgage Services!- America Davis.
Elena and her team are an absolute joy to work with, professional, prompt, and very thorough. We have used their services to both purchase and then refinance our current home. I cannot recommend them enough!!!- Robin Lynn Marquez.
Elena and her team are the best! They were professional and very responsive to all of my questions. Highly recommend!- Lindsay Zockoll.
Elena Boland making things happen. So happy with our home and the process with her to be able to be home owners. She made it so easy for us and and we closed a couple days early.- Robin Levesque.
Very professional and knowledgeable. They have helped me purchase and sell a home multiple times. Wouldn’t deal with anyone else. Elena and her team are the absolute best.- Lacy Gann.
Elana Boland and her team went above and beyond to help us purchase our first home. kept us up to date on the process and well informed. Definitely not going anywhere else, when the need to upgrade arises. thank you very much- CW Heater.
I am currently working on financing my third property with Wholesale Mortgage Services and have experienced nothing but a team of folks willing to help. I’ve worked with Elena and Haley, both kind, professional, and truly willing to go above and beyond to get you into your dream home. Although I hope to stay put for awhile, I will never use anyone but Wholesale Mortgage Services.- Erin Meyering.
Highly recommended, hard-working true professionals who make your life easy going through the homebuying process…- Michael Cummings.
Elena is a hard worker and gets things done. She is the gal you want on your side! You can’t go wrong using her services!- Scarlett Blackwell.
I wanted to say thank you for all your help. I found the refinancing experience, with you, favorable, professional and timely. Steve made a good recommendation. Good communication skills by Chase and you. You did good… I see, in the future, more people like me using mortgage brokers/ lenders like you. A lot less hassle and more user friendly than my bank- I would recommend using your services to my friends. If there are any questions please contact me- Jerry W. Corn.
Elena, Stephanie and Christie have made all my dreams and goals come true. One more to go.- Laura P.
Elena and her team at wholesale mortgage services were so wonderful to work with! Professional, Knowledgeable, and super helpful!- Heady.
Thank you Elena, Christie and your amazing team for helping us finance our dream home. If you want a knowledgable, honest and efficient agency, look no further. We were able to close escrow a few days early. The trick? There aren’t any. When Elena or someone on her team(mostly Christie for us) asks for a document, respond and respond sooner rather than later. They aren’t asking for anything they don’t need. This is a real life case of help them help you. I promise you, if you are proactive, the process goes by so much quicker and smoother. You can’t go wrong with Elena and her team. We are so happy! Pros: highly responsive, knowledgeable, honest Cons: buying a home is stressful.- Kim Strandberg.
Highly recommend! My refinance went fast and smoothly. Elena and her team are great! They kept me informed throughout the entire process. Thank you to all of you!- Chelsey Reid.
Elena and the team at Wholesale Mortgage are fantastic. They are extremely helpful and their straightforward approach is something that I appreciated. I needed a little help and direction in getting my credit up to get a better rate, they were a tremendous asset in doing so. I could tell that Elena and her team were personally invested in the process. This is my second time using Wholesale Mortgage and I will be using them again with any of my mortgage needs. I have referred them to my friends and family and I highly recommend them if you are looking for anything mortgage related. My wife and I are in our dream home because of their dedication to giving the best service possible.- Justin Maxwell.
Elena and Christie are amazing! I have attempted to refinance in the past but the companies wouldn’t listen to what I wanted to achieve. This team not only listened but made it happen! I appreciate being kept in the loop and when I had a question or concern they answered in a timely manner which was much appreciated. I recommend this team to everyone!- Corina Green.
This is an excellent mortgage broker in Reno, NV! We are very happy that we chose them for our VA home loan! They are a broker for United Wholesale Mortgage who currently has the best rates in the country for home loans with a program called “Conquest” (Google it and see for yourself). They are extremely knowledgeable and very honest, and you can trust them to get things done on time, and in this current market you definitely need that from your lender! We will be recommending them to all of our family and friends! 5 Stars all the way!!!- David T.
The team at Wholesale Mortgage really made refinancing our home a no hassle, no stress endeavor. Glad to have found them. I cannot recommend them strongly enough!- Chad Walter.
Your Renovation Wish List Could Include...
Increase window size
Bring in more natural light
Finish a basement or attic
Create a mother-in-law apartment or guest space
Correct foundational issues
Protect your investment for the long-term
Add a detached garage when one does not exist
There’s room for everyone
Knock down walls
Open up the floor plan to create versatile, welcoming spaces
Flood-proof your property
Add a retaining wall to prevent expensive damage
Repair the pool
Tired of leaks and cracks? Fix the pool & start enjoying it
Expand or refresh the kitchen
Cooking is just more fun in an updated kitchen
Add square footage
Growing your family? Grow your home alongside it!
After remodeling, 74% of owners have a greater desire to be in their home, and 65% have increased enjoyment in their home.
How Does a Renovation Loan Work?
Depending on the types of repairs you plan to do, you have two options when it comes to securing a FHA 203(k) Renovation Loan: Limited and Standard.
The Limited 203(k) loan
The Limited 203(k) loan is for non-structural or “cosmetic” repairs. It covers up to $35,000 in renovation costs. With a Limited loan, you can do nearly anything that doesn’t affect the home’s structure! Think kitchen and bathroom remodels, carpet and flooring replacement, painting, appliance replacement, and much more.
The Standard 203(k) loan
The Standard 203(k) loan is a loan for projects with repair costs over $35,000. It can be used for structural or non-structural repairs. With a Standard Loan, you have even more flexibility. You can expand the home’s footprint, improve accessibility for differently abled people, and even move the home to a different site.
What You Need To Know About A Home Purchase
Why should I buy a home rather than rent?
Everyone’s situation is different. However, in the era of low interest rates, a new home purchase can make financial sense for a lot of people. Locking in these low interest rates can mean paying less for more square feet in some cases. That said, every person’s situation is different, and your motivations for buying a home (including the need for more space or privacy) may differ from other people.
How do I start the home buying process?
One of the best ways to show that you’re serious about buying a home is to get pre-approved for a mortgage. This will give you some leeway when it comes to making offers when you view homes. And in some cases, it’s viewed as a necessity when you go out shopping for homes. In many cases, the process is as simple as finding out what you can afford given your current income, levels of debt, and financial obligations. The good news: it’s a lot simpler than you think!
What kinds of financial commitments do I have to make?
There are a lot of options for financing when you make a home purchase, so don’t feel that you have to commit to any particular one at this point. You’ll find that it’s possible to make a 20% downpayment, for example, but there may be types of financing available that require far less—as low as 3%, depending on your situation.
Why is now a good time to buy a home?
Although every situation is different, low interest rates tend to mean generous financing terms for people taking on a home mortgage. Having a mortgage with low fixed interest rates, for example, can be a powerful hedge against inflation in periods of higher inflation—where in the interest rates are typically higher. But we should reiterate that every situation is different, and you should do what’s best for your situation and your own family.
What is the next step?
Click through our buttons above to find out whether you qualify for great terms on a new home purchase!