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Obtaining a Mortgage in Central Iowa
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Today we are excited to be joined by Patrick St. John from the University of Iowa Community Credit Union. As we launch into 2016, you might be thinking about what kind of home you’ll want this year, and what kind of mortgage you can get in order to pay for that home. First, let’s talk about some of the key points to remember when preparing to get a mortgage.
The first thing you need to figure out is who to talk to. As soon as you’re thinking about buying, you should talk with a lender. It’s smart to know what you can or can’t qualify for before you start looking.
There are some changes that have taken place recently in the mortgage world that you should be aware of. These changes have to do with the changing of regulations in the industry, and there have been some added requirements to the process. Typically, it takes between 30-60 days to get through the entire process, but now it will take a little longer, probably at least 45 days.
If you’ve been worrying about saving up for a down payment, you might not need to. There are plenty of mortgage products available at 0% down, with a pretty attractive rate. Even with traditional financing methods, like FHA, you should be able to get any product with 5% down. The days of needing 20% down are over which is opening the door for a lot of buyers.
The time to buy in 2016 is now. If you have any questions about the mortgage process or want to get qualified for a home, give Patrick a call at 319-551-1180. If you have any other questions about real estate or you’re looking to buy or sell in Central Iowa, give us a call or send us an email. We look forward to speaking with you!