Our mortgage lending team is here to help. Want to speak with someone right now?
Call us at (402) 252-8250.
Our mortgage lending team is here to help. Want to speak with someone right now?
Call us at (402) 252-8250.
Your goal right now is to buy a home, and our top priority is to help you finance it with confidence.
With decades of experience, Arbor Bank’s mortgage professionals are here to support your financing needs. Get started to learn more about your options, and we’ll dive into finding the right financing solution for you.
Purchasing a home is an exciting accomplishment and a major investment. It’s our top priority to help you find financing to purchase and afford your home comfortably.
Together we’ll determine your home loan needs. We’ll consider your finances, including your credit, income, assets, and expenses. We’ll also help you understand the value of the home you want to purchase, as well as the current market and interest rates.
Specializing in a range of loans, we’re well versed in matching your unique needs to a custom-tailored solution that is just the right fit for buying your home. Speak with our mortgage lending team to learn more about our first-time homebuyer programs and loan types including conventional, FHA, VA, jumbo, rural housing, and construction loans.
Many questions arise while you consider buying a home. We’ve answered the most common ones to guide you.
Our mortgage lending team is always here to answer any other questions you have. Call us at: (402) 252-8250.
Whether you’ve saved for a down payment or not, you have options when it comes to the requirements for home financing. Your down payment amount affects the affordability of your mortgage, so it helps to consider how much you’ve saved, how much you want to invest in the home upfront, and how it will impact your loan.
The minimum down payment for a conventional purchase loan is around 3-5%. The lowest 3% is available to first-time homebuyers. Those who have purchased a home before may qualify for the minimum of 5%.
In either case, a larger down payment can reduce additional loan expenses such as mortgage insurance. For example, a 20% down payment with a conventional loan will eliminate Private Mortgage Insurance costs. A higher down payment can also lower the amount of your loan and increase your immediate equity in your home.
When you close on your home loan, there are fees and costs associated with the processing of your loan. These include origination fees, title insurance, a home appraisal, etc. Understanding these costs early on can help you prepare to cover the expenses of getting a mortgage, in addition to paying your down payment on your new home.
Our team can help you understand your financial situation and how it applies to the home you’re interested in purchasing.
When seeing if you can afford a new home, consider ongoing costs you’ll need to cover such as your monthly mortgage payment, in addition to property taxes, homeowners insurance, and maintenance expenses. Knowing what interest rate you qualify for, your down payment amount, and the term length of your loan will help you understand how much you can afford with your current income and expenses.
Both are great options for buying a home. For instance, they both offer flexible down payment options. Choosing the right one for you depends on many factors.
If you have a higher credit score and can make a larger down payment, a conventional loan will likely offer a lower interest rate and cheaper mortgage insurance options, meaning you may ultimately have a lower monthly mortgage payment.
Those with lower credit scores may benefit from an FHA loan, as they provide more flexible lending options while still providing competitive interest rates and options for low down payments.