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.
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!
Blue Sands Mortgage is an amazing company that I would recommend over and over again! The main word that comes to mind when I think of them is “team”. It is very rare in companies that you get to see a team work so well together. Normally one person handles things while other sits back. When purchasing our new home it was so great to know every time I called or had questions they answered them immediately- no matter who I talked to or emailed! There was never a “let me get a hold of the person working on your account-I will call you back” situation. They set the example for team work, efficiency, and customer service! Highly recommend- you will not regret going to Blue Sands Mortgage!!- Melanie R.
Working with Blue Sand Mortgage was probably the best and easiest experience I have ever had. I have had several interactions with many different lenders of the years which were mostly okay at best. Mostly very stressful. With Blue Sand Mortgage, there was no stress and nothing but help and support along the way. I would have no problem using them again and would HIGHLY recommend anyone looking for this type of service to give Blue Sand Mortgage a chance first! You will not go anywhere else.- Michael G.
Greg was very professional and responsive at all times. From our first interaction to completion of service, Greg and his team kept me aware of everything that was happening throughout the process. The home buying experience can be daunting, however, the team kept me at ease during the entire ordeal. If I had any questions, they were always available to answer. They provided an open line of communication, whether it be via- email , text, or phone call, I had always felt confident that they would follow through. I really enjoyed working with Blue Sands Mortgage and would highly recommend them for any and all who are interested in purchasing a home. Great work guys!!- Yvonne M.
Greg and his team are amazing! We closed on our new home in less than 30 days. This was only our second home purchase ever (we’re 60+). Greg and Kim communicated often and kept assuring us that there was no need to panic; the process was working at the correct pace. Kim was the liaison between us and the lender. She patiently explained what documents we needed to provide AND WHY. Knowing the “why” was huge beneficial for us.- Dan F.
My wife and I just closed on our home. We used Greg and his team at the recommendation of our realtor. It was one of the best decisions we made! I had a lot of questions throughout the process. Greg and team were always very responsive either by text, email, or phone. I had heard the horror stories about closings at other lenders being delayed and delayed because of the number of applications being submitted due to low interest rates. However, because of the hard work of Greg and his team, everything went very smoothly and we closed in 30 days! I would definitely recommend Blue Sand Mortgage for anyone who is looking to get a mortgage and may need some hand holding along the way like we did!- Jerod S.
Greg and his team worked very hard to make sure that my house buying was a very pleasant experience. They very professional and very knowledgeable about their work. They kept me informed and updated on a regular basis. My realtor and the sellers realtor was so impressed with their performance and knowledge. My clear to close was extremely fast and all the paperwork was on time and accurate. Please give them a call for your next mortgage need, you won't be sorry that you did.- Rick T.
We had an amazing experience using Blue Sand Mortgage on the purchase of our new home!!! I cannot express enough how appreciative we are of all their hard work and persistence in getting this transaction closed. I would absolutely recommend Blue Sand Mortgage for financing in the future and to all family and friends. Thanks Again for making the transaction a smooth and painless as possible :)- Kelly D.
Greg and Kim are THE best. They have been exceptionally kind, timely, and made the loan process so easy and smooth. There was not a single question, and I had a bunch, that they were not able to answer promptly and in depth. The process of acquiring a mortgage loan can be so stressful, but Greg and Kim have a way of easing all that stress and making things go so smoothly. I absolutely could not have asked for or dreamed of better people to help Jay and I through this whole process. I would definitely recommend them to anyone and everyone. And a special shout out to Melissa who also works so hard behind the scenes to help make home ownership dreams come true. This is an exceptionally wonderful team.- Erin E.
-Blue Sand Mortgage is by far the best mortgage company out there. They work around the clock to make sure all questions are answered and explained. They go far beyond their job duties to excede expectations. I wish there was more than 5 stars to give them. Hands down 10/10.- Chris E.
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!