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!
It's hard to find a loan officer who you can truly trust. Most have hidden incentives that drive them to make decisions or recommendations that aren't always in your best interest. However, with Olympus Home Loans, you don't have that problem. They are willing to make sacrifices that most loan officers won't to ensure your home buying experience is optimal. I felt like they were on my team the whole way through. This helped reduce the stress that goes along with making a big purchase, and allowed me to truly enjoy it. I highly recommend Olympus Home Loans!- Heath Smyth
Joe at Olympus Home Loans was absolutely phenomenal to work with! He was open and honest from the beginning on fees and rates, got us a great rate, was VERY responsive, even on the weekend! He made the process so much easier than the last time we bought a house with a different lender and we will definitely be referring him to anyone we know looking for a someone! We could not be more pleased with our home buying process!- Allysa McConnville
Joe and his team were tremendous. I needed a very quick closing and a great rate. Joe got me both and the experience was great as he did it. I have moved a lot and bought a lot of houses. Joe was the best experience I ever had and the time frame was unrealistic. But he got it done with days to spare!- Jeff Fuller
Refinancing can be a scary process. I really had no idea what I was doing but Joe Garza was very professional, informative and quickly responsive during the process. I have already referred Olympus home loans to my friends and family, considering the smooth process I experienced with Joe. He made sure I got the most out of my refinance at the best rate possible. Would definitely use them again in the future.- Cassidee Horne
Joe Garza of Olympus Home Loans was wonderful to work with on our refinance. He was able to secure a great rate and made the process from start to close effortless. I would highly recommend.- Lisa Mcdonald
I met Joe when one of my clients decided to use him to finance a new home purchase. As a real estate agent I knew when it came time to refinance my own home I had many options. Based on the service level and communication level he provided during my previous transaction I decided to use him as my lender. The process was seamless and the communication was always almost immediate. If you are looking for someone to use as a lender that will provide a great value financially but also provide ongoing communication and be able to answer any questions you have , I would certainly recommend Joe Garza with Olympus home loans!- Sarah Anderson
We worked with Joe, and he was great. From initial contact to pre-qualify all the way to closing, he was always quick to respond to our inquiries, he walked us through all of our steps in a very helpful manner, and we could tell he did everything he could to make this transaction go as smoothly as possible. Olympus really knows what they are doing and I would recommend them to anyone.- Tami Smith
Joe Garza is simply the best when it comes to shopping for a mortgage loan or a refi. He makes the process easy, is very responsive and very knowledgeable and helpful. We have used Olympic Home Loans for both a new home loan and just finished a refi. My entire family wouldn’t use anyone else. He is the best in the business and cares about getting you the best loan and provides amazing service every step of the way!- Cindy Choquette
When I reached out to Joe, I was a bit hesitant given that I'm a mortgage loan Processor and had just been given the run around with my current lender. I knew exactly what I wanted and how I wanted it done under what timeframe. Joe met and exceeded all my expectations. He gave me direct timeframes, made sure I understood what to expect and was just very professional. THANK YOU!!- Karla Morales
From the very first contact my experience with Olympus Home Loans was superb. Throughout the process, Joe was extremely accommodating of my schedule with lightning-quick responsiveness. I never had to guess at what to expect next and every question I came up with was answered quickly and with professionalism. I would highly recommend Olympus to anyone in a similar situation to mine.- Splagg D
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!