Buying a Home
Step 1/4
Determine your budget and save
Before you even start looking at homes for sale, it's important to determine your needs and budget. Then start saving up for that down payment.
Step 2/4
Get pre-approved
Apply for your mortgage with Billcutter. Know your buying power, monthly payment options, and show sellers that you’re serious with a pre-approval letter.
Step 3/4
Connect with an agent and make an offer
Start house hunting! An agent knows your market and works with you to find your dream home on your budget. When you find your perfect home, present the seller a purchase contract with all the details.
Step 4/4
Contingencies, appraisal, underwriting, close, move
Once an offer’s accepted, the home needs to be appraised. Next, underwriters check over the financials before clearing you to close. Then it’s time to sign and move in.
Loan Programs
Fixed Rate Mortgages (FRM)
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime.
Adjustable Rate Mortgages (ARM)
Adjustable-rate mortgages include interest payments which shift during the loan’s term, depending on current market conditions. Typically, these loans carry a fixed-interest rate for a set period of time before adjusting.
Hybrid ARMs (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)
Hybrid ARM mortgages combine features of both fixed-rate and adjustable rate mortgages and are also known as fixed-period ARMs.
FHA Loans
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.
VA Loans
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no down payment requirement. This program was designed to help military veterans realize the American dream of home ownership.
USDA Loans
A USDA home loan is a competitively priced mortgage option that helps to make purchasing a home more affordable for low-income individuals living in designated rural areas.
Non-QM Loans
Non-QM loans is a great option for borrowers that are self employed or real estate investors that may not meet standard underwriting guidelines.
Interest Only Mortgages
Interest only mortgages are home loans in which borrowers make monthly payments solely toward the interest accruing on the loan, rather than the principle, for a specified period of time.
Balloon Mortgages
Balloon mortgages include a note rate that remains fixed initially, and the principal balance becomes due at the end of the mortgage term.
Graduated Payment Mortgages
Graduated Payment Mortgages are loans in which mortgage payments increase annually for a predetermined period of time (e.g. five or ten years) and becomes fixed for the remaining duration of the loan.
Reverse Mortgages
Reverse Mortgages allow senior homeowners to convert a portion of their home equity into cash while still living in the home.
Private Money Loans
We offer loans Private Money Loans for Flippers and Rehabbers.
Components of an ARM
Prior to choosing a home loan, you should know the advantages and risks of adjustable-rate mortgages to make an informed, prudent decision.
Commonly Used Indexes for ARMs
This article includes a list of the most commonly used indexes by ARM lenders that affect ARM mortgage rates.
What kind of loan program is best for you?
Should you get a fixed-rate or adjustable rate mortgage? A conventional loan or a government loan? Deciding which mortgage product is best for you will depend largely on your unique circumstances, and there is no one correct answer.
When is the right time to buy a house?
Evaluate some things before you begin the process of purchasing a house:
Check your financial situation: you need to be certain about your income and have a decent amount of money to use towards your down payment. Choosing to buy a house before you’re ready can spell disaster.
Think about the market: you should be on the lookout for a home that will likely increase in value over time.
Consider your life stage: If you might be moving in a year or two, buying a house right now is probably not in your best interest. You should plan to be in your new home for at least the next five to seven years given the expenses related to buying a home.
Get Pre-Approved
Getting pre-approved for a home loan is vital. Overall, cash buyers, who used to offer considerable confidence to sellers, are scarcer than they used to be. Without having loads of cash to put down, having a preapproval letter can be the next best thing.
A pre-approval is a letter from a lender which shows how much of a loan you could qualify for once the lender looks over your credit report and credit score. This preapproval letter can mean the difference between you and other buyers interested in the same property. A letter can also help you find a mortgage lender willing to work to help you obtain a home loan with an interest rate best suited to your needs.
Additional Information
Mortgage Calculator
Our user-friendly calculator puts you in charge of estimating your mortgage payment.