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Homes for Sale Brentwood TN | Brentwood TN Real Estate | Gennifer MallardHomes for Sale Brentwood TN | Brentwood TN Real Estate | Gennifer Mallard

Gennifer Mallard
Realtor, Real Estate Broker

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(615) 473-5973 Direct
(615) 371-1544 Office
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Mortgage

Want to find out more about getting a Mortgage? Click the link below to download HUD’s Home Buying & Mortgage Guide. This step by step guide will help guide you through the home buying & loan process. Should you have any questions, please feel free to give me a call anytime!

  • HUD’s Step by Step Home Buying Guide

In the current economic climate, being approved for a mortgage can be a confusing process but it really does not have to be. As long as a borrower understands some basic information about different loan options and government programs available and knows how to find the right mortgage, properly applying for it, being approved for home mortgage loans become much easier.

Getting Pre-Approved

One of the best steps to take would be to get pre-approved for a mortgage. Being pre-approved does not mean that all the steps to acquire the loan are completed in advance. Rather, it can be considered an initial screening designed to guide you towards those loans which you qualify for. Being pre-approved through a preliminary application definitely will save you time and effort and will tell you how much home you can qualify for you you don’t start looking for homes that are out of your price range. It also brings piece of mind to the seller when you make an offer. It lends credibility to your offer and tells the seller you are already backed by a bank, so they feel more confident in accepting an offer from a buyer who is pre-approved than one who is not.

Types of Home Mortgage Loans

Not all home mortgage loans are the same and there are several different categories of mortgages you can apply for.

  • Conventional Loan– Among the most common and traditional loan category would be a conventional loan where a mortgage comes with a pre-defined set number of years to pay it back. If you have good credit and are not in need of any special government loans (like FHA) you would easily qualify for a conventional loan. There are three different categories of a conventional loans and they are:
    • Fixed Rate – This mortgage has an interest rate that stays the same throughout the term of the loan.
    • Variable – Such a mortgage is one where an interest rate changes over time. It could be a fixed rate mortgage for the first five years and then becomes an adjustable rate when the fixed term expires.
    • Adjustable – Adjustable mortgages are connected to an index and the rate will increase or decrease depending upon the market.
  • Bi-Weekly Mortgages – These are mortgages where payments are made every two weeks as opposed to monthly with the intent of paying the mortgage off quicker.
  • Non-Conforming Home Mortgage Loans – These are loans provided to those who have not met the standard criteria to be approved for a mortgage.
  • Refinancing Loan – This is a new loan taken out to pay off an existing mortgage. The new loan will likely be one with better terms, an extended duration (life), and a lower interest rate. Many people refinance to lower their current rate.
  • Home Equity Loans – These are secured loans that are borrowed against the value of your home for home improvements and other expenses.

Government Home Mortgage Loans

There are special loan categories which are backed by the government. The most common categories of these loans are:

  • FHA Loans – These are government insured loans designed for those in a low income bracket.
  • USDA/Rural Housing Loans – USDA Loans require no money down and are intended for purchasing a home in a rural area.
  • VA Loans – The Department of Veterans Affairs will back mortgages to qualified veterans and their spouses

Which Loan Is the Right One?

Prior to selecting any loan, you need to ask yourself some questions about which loan is best for you. It is very important to have a good Loan Officer to help guide you through this process. They will be able to help you look at your budget, determine a reasonable amount you can afford, answer any questions about each type of loan and guide you to the best mortgage that will fit your needs.
Some common questions to ask include:

  • How much can you afford? It is never a wise plan to take a mortgage out on a home you cannot afford. As such, you will need to examine your debt to income ratio and figure out what you can afford within the budget you have available. Start by downloading our easy Budget Calculator
  • How much of a down payment will you make on the home? By knowing how much of a down payment you will make, you will be able to adequately save for it.
  • How long do you plan on staying in the house or with the loan? You would be best served taking out a mortgage with a term which will allow you to pay off the home prior to your moving out of it.
  • Do you intend to make extra principal payments so you can pay off the loan early? Surprisingly, if you made one additional payment in a single year on a $250k loan with a 6.5% APR, you will save over $50k in interest in just six years. To do this the easy way, just divide your monthly minimum mortgage amount buy 12 and then add that amount to your monthly payments.

Make the Process Quicker

No matter what loan you decide on, you want to be sure that you facilitate the loan approval in the quickest manner. Ways to do this can include improving your FICO score to gain access to better interest rates, putting money aside for a down payment, and getting all required loan documents in order prior to applying. Check out our handy guide to learn some quick ways to Boost your Credit Score in Months

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Have a question? Give me a call at (615)473-5973, or you can click my photo for more options to call or email and I will contact you right away.

Featured Properties

918 Horizon Drive $668,578

918 Horizon Drive Franklin, Tennessee

3 Beds 4 Baths 2,311 Sq Ft Acres

2015 McAvoy Drive $668,325

2015 McAvoy Drive Franklin, Tennessee

4 Beds 4 Baths 2,726 Sq Ft Acres

2019 McAvoy Drive $668,210

2019 McAvoy Drive Franklin, Tennessee

4 Beds 4 Baths 2,726 Sq Ft Acres

1028 Wetzel Drive $668,111

1028 Wetzel Drive Franklin, Tennessee

4 Beds 4 Baths 3,109 Sq Ft Acres

72 Molly Bright Ln $664,900

72 Molly Bright Ln Franklin, Tennessee

4 Beds 4 Baths 3,482 Sq Ft 0.200 Acres

2013 McAvoy Drive $661,505

2013 McAvoy Drive Franklin, Tennessee

4 Beds 4 Baths 2,726 Sq Ft Acres

412 Dewar Drive $659,990

412 Dewar Drive Franklin, Tennessee

4 Beds 4 Baths 3,070 Sq Ft Acres

2011 McAvoy Drive $659,555

2011 McAvoy Drive Franklin, Tennessee

4 Beds 4 Baths 2,726 Sq Ft Acres

392 Dewar Drive $657,815

392 Dewar Drive Franklin, Tennessee

5 Beds 4 Baths 4,100 Sq Ft 0.250 Acres

302 Liebler Ln $655,250

302 Liebler Ln Franklin, Tennessee

4 Beds 4 Baths 2,726 Sq Ft Acres

3019 Halenwool Circle Lot 122 $654,432

3019 Halenwool Circle Lot 122 Franklin, Tennessee

4 Beds 3 Baths 2,566 Sq Ft 0.420 Acres

256 Moray Ct $653,336

256 Moray Ct Franklin, Tennessee

4 Beds 3 Baths 2,831 Sq Ft 0.120 Acres

226 Moray Ct $652,986

226 Moray Ct Franklin, Tennessee

4 Beds 3 Baths 2,910 Sq Ft 0.110 Acres

6019 Farmhouse Drive lot 116 $652,797

6019 Farmhouse Drive lot 116 Franklin, Tennessee

3 Beds 4 Baths 2,847 Sq Ft 0.120 Acres

3008 Halenwool Circle Lot 56 $652,253

3008 Halenwool Circle Lot 56 Franklin, Tennessee

3 Beds 3 Baths 2,790 Sq Ft 0.350 Acres

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Benchmark Realty, LLC

Gennifer Mallard, Realtor

615-473-5973 Direct

615-371-1544 Office

GenniferMallard@gmail.com

Benchmark Realty, LLC
318 Seaboard Lane, Suite 112
Franklin, TN 37067
License #00292590
Company License #259153

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