How Can I Purchase a Home?
Whether this is your first home purchase or you’re an experienced home buyer, we have the knowledge, experience, and tools to help get a loan for you at an excellent rate. We are committed to making the home buying process as easy as possible by:
- Offering a free, no-pressure consultation
- Educating you about all of your options in terms you can understand
- Walking you through the entire loan process – from start to finish
- Communicating with you clearly, regularly, and honestly
Why should I buy instead of rent?
For some, it’s not a matter of whether to rent or own. Some people simply believe that they must rent because buying isn’t an option for them. However, the dream of homeownership is possible for almost anyone, young and/or those with low income. There are many lending options available, as well as loan programs, that require little or no money down. So, more people should see “owning vs. renting” as a choice – an important choice.
On the one hand, people rent because it offers flexibility and minimal responsibility. Although it has its advantages, it also has its drawbacks. For example, you could have to move suddenly if your landlord decides to sell the property, or increase the rent by more than you can afford. You would then have to pay for moving costs at a moment’s notice. Plus, long-term renting is not an investment. A person may rent for 15 years, or more, and never gain anything from it. Moreover, their rental costs may increase significantly over time.
On the other hand, owning is an investment. Sure, there is interest you pay with a mortgage, but it will likely be small when compared to the equity and net worth you gain from your real estate asset. At the end of your loan, your net worth could be hundreds of thousands of dollars richer. As time goes by, and your home builds equity, you can refinance or take out a line of credit to pay off high-interest debt, for example.
In addition, home ownership can often help with retirement. A homeowner can sell their home and use the accumulated equity for early retirement in a location with a lower cost of living. For example, if you buy a home in the Seattle area for $450,000, in 15 years or more (half the life of a 30-year mortgage), you will have not only built equity in payments you made toward your principal, you will also have gained equity as a result of increases in the market value. Hence, your home’s value may have increased from $450,000 to $600,000 – giving you at least a $150,000 market value increase, as well as whatever you put toward your principle (perhaps half of what you’ve already paid). You could conceivably sell your home and be thousands of dollars richer.
Real estate is a good liquid asset and can provide long-term benefits for your future.
The long-term financial benefits from home ownership likely outnumber the long-term financial benefits of renting. Plus, home ownership can bring a sense of stability, particularly for families, as well as a sense of belonging to a community. Pride of ownership is a real thing.
What types of loans are available?
FIXED RATE MORTGAGE
With this type of mortgage, the payment stays fixed over the life of the loan. Even if market rates change drastically, payments remain the same from month to month.
ADJUSTABLE RATE MORTGAGE
This type of mortgage loan is characterized by interest rates that adjust or fluctuate in with the market. They typically offer an introductory/lower interest rate which is set for an initial period of time. After that, the interest rate may rise or fall, as will the monthly payments.
These loans are available to active duty or military veterans and are insured by the U.S. Department of Veterans Affairs. They require no down payment and can be used for either a home purchase or a refinance.
USDA HOME LOAN
This Guaranteed Rural Housing Loan Program is offered through the U.S. Department of Agriculture. The program offers assistance to low and moderate-income rural residents whose income is equal to or less than 115% of the area median income. It allows 100% financing with a 30-year fixed-rate mortgage in specifically designated areas deemed “rural” by the USDA.
FHA INSURED LOAN
These loans are insured by the Federal Housing Administration and originated by certain FHA-approved lenders. They require a low 3.5% down payment and allow the buyer to finance most of the closing costs.* These loans are designed to assist borrowers who need help getting loan approval because of lower credit scores or limited down payments.
Why Choose TILA Mortgage for Home Purchase Loan?
TILA Mortgage is a company who desires to make a difference in the lives of people we assist. For over 25 years we have been serving the Northwest and have hundreds of 5 star reviews.
Our staff is trained from the first conversation to listen to your situation and understand your specific needs and goals. We are focused on helping you achieve those goals with a customized solution that allows us to have a large group of satisfied clients and new friends. Click below to hear our staff and what our clients are saying about us.
We would love the opportunity to have a conversation with you.
Do I Qualify?
TILA Mortgage is a DBA of Hometown Lenders, Inc. Our experts are committed to helping you qualify for a great loan at a great rate.
We’re standing by ready to help you, too. Learn more about our complete loan process here.
*TILA Mortgage does not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period of time. A debt consolidation may increase your monthly cash flow, but may increase the amount of your debt over a period of time by including the additional debt in your mortgage amount, which is financed over a longer period of time than the debt consolidated may have been financed. We encourage all consumers to do their own research, and examine their options carefully before selecting a particular course of action.
Applying for a home loan is easy with TILA. We walk you through the entire process of getting a home loan, making sure you understand and feel comfortable with every last detail. We listen to you so we can understand your goals and recommend an excellent product for you and your family.
Key Areas We Review:
- Employment history and income
- Credit report and score
- Monthly debt payments
- Cash for down payment
The first step of the process is to submit an application. This will include questions about your past and current employment, rental information (if applicable), and any recurring debt payments you may have like car loans, student loans, credit cards, and furniture payments.
We will also order a credit report, which will give us an idea of your history of paying bills on time. This information helps us to determine whether you can pay back the loan, and what type of mortgage you may qualify for. At TILA Mortgage, our customers know very early in the home loan process which product fits their situation, along with the fees and other costs that may be involved.
5 Easy Steps:
Have initial conversation with a TILA Mortgage Specialist
Discuss options and choose the best loan product
Complete your loan application
Appraisal, title, credit, and processing
Final signing and loan funding