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!
Dustin was absolutely excellent, he consulted me at every step of the way and completed everything faster than expected. Will definitely be using next time I move and recommended my friends to him!- Thomas Watson
Dustin was great from start to finish. Certainly my situation wasn't the easiest application and approval, but it was pretty painless. Thank you for your hard work.- Kyle Coburn
Had the wonderful opportunity to work with Dustin King, a super efficient, extremely well-organized professional who was always available to us and made the mortgage process for our new home a joy and a pleasure. He takes the time to get to know his clients and provides them with a knowledgeable and reliable experience. Few could ever surpass his skillset. We were extremely pleased with his confident and capable professionalism.- Dennis Buonafede
Best mortgage loan experience I've ever had! This is the first time I've used a mortgage broker, and the experience was amazing! Dustin got me the lowest rates possible with the lowest fees possible. The whole process was almost effortless from my end. Dustin was great with communication and responsiveness! I couldn't ask for a better experience! I highly recommend NexGen Home Loans for your next mortgage loan!- Carl Sullivan
Dustin helped out tremendously. He was able to save me $500/month on mortgage costs. I would highly recommend him to anyone looking to save costs on mortgage.- Chetan Puranik
Dustin did a great job from start to finish on our refi. There were a few stalls but nothing he didn't handle. Once I got all the correct info to him, it went pretty quickly considering all the other people in the world that were trying to refinance at the same time. Thank You Dustin!- Chuck Wilson
As a real estate agent, I am particular about lenders that I recommend to my clients. I have no hesitation recommending NexGen Home Loans. As a mortgage broker, Dustin, has the flexibility of finding the best terms for each individual client and their different circumstances. Not every lender can do this! Throughout the transaction Dustin works tirelessly to ensure that the ball is never dropped in his court. The online portal makes submitting documents easy and secure. I have found that he goes above and beyond to ensure that the client's best interest is always top priority. He is also very good at explaining the process to the client. He knows his industry but is still able to relay the information so anyone can understand. I feel that he empowers my clients to make wise financial decisions as they look into purchasing or re-financing a home. Again, he always has their best interest at heart. This is how I work, so I am thankful to find a lender with the same motivation.- Jenny Haymore
Great experience with Dustin through out the process. Transparent and very responsive.- George Mekkattu
Over the past 53 years of our marriage, we've bought, sold or refinanced 11 homes. Our experience with Dustin King of NexGen Home Loans was outstanding. He made what is always a harrowing routine into a smooth and hassle free operation. We really appreciated the speed with which he completed all the necessary paperwork. It was a pleasure to work with him.- Jerry Adams
Dustin was fast, efficient and got things processed in a very timely fashion. We have used him twice now. I would highly recommend him. I have referred all of my friends to him that are looking to purchase of refinance.- Tammy Hendricks
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!