Shawnee Mortgage Officers Offer Home Financing Advice
As the spring season begins, Shawnee Mortgage Officers offer financing information and advice to current and prospective homeowners.
According to Arvest Mortgage Loan Officer Kim Rawls, for those who may not be aware, a mortgage is a loan that people use to purchase or maintain some form of real estate.
“The borrower agrees to pay the lender over time, usually in a series of regular payments divided into principal and interest,” Rawls said. “The property serves as collateral to secure the loan.”
She explained that a mortgage loan is advantageous in the current context of rising rents.
“Owning can often provide a buyer with more consistent and stable monthly housing expenses,” she said.
Rawls said if people are going to be homeowners and use a mortgage to secure a home, they need to make sure they make all their payments on time.
“Whether it’s a mortgage, car loan, student loan or credit card, paying your bills on time is incredibly important and accounts for about 35% of the odds. of a consumer’s credit,” Rawls said.
According to Canda White, Mortgage Consultant with First United Bank, there are various loans available for those looking to buy a home.
“There are zero down payment programs based on your income. There are bond loans that can help with the down payment. VA, conventional, FHA, and Native American home loans,” she said. “We can help you with all the options.”
Like First United, Rawls said Arvest also offers a variety of lending options, including conventional loans, adjustable rate mortgages, medical, FHA, VA, HUD 184, bond loans and rural development (USDA).
White explained that First United can also help refinance homes.
“Refinancing is re-loaning on your home or taking out a new loan to pay off the existing loan to lower the rate, time or get cash out,” White said.
White said people do this when rates are low because they can shorten the time or extend their payment. Additionally, she said, if people have equity, they can refinance and use their equity for various needs.
Rawls said there are many benefits to owning a home, but it’s not without its challenges.
“While there are far more pros than cons to owning your own home, home ownership often means that the owner is responsible for the upkeep, repairs and upkeep of the property. “, Rawls said.
She explained that it can be difficult to be added or removed from a mortgage, to sell your house and other similar processes.
However, despite the difficulties of owning a home, White also said it can be beneficial.
“Homeownership is possible and unlike renting, you gain equity and a payment that won’t keep growing,” White said.
She advises potential buyers to pre-qualify as this is the start of home ownership.
“The first step to homeownership is getting pre-qualified to see how much you can afford and whether the payments are where you want them or what you need to do to repair your credit,” White said. .