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Get a Home Purchase Loan

A home purchase loan is a type of loan that is used to finance the purchase of a home. This can include a mortgage, which is a type of home purchase loan that is secured by the property being purchased.

What is a Home Purchase Loan?

A home purchase loan is a type of loan that is used to finance the purchase of a home. This can include a mortgage, which is a type of home purchase loan that is secured by the property being purchased.


Home purchase loans can come from a variety of sources, including banks, credit unions, and mortgage lenders. These loans are typically repaid over a period of 15 to 30 years, with the interest rate and terms of the loan varying depending on the lender and the borrower's financial situation.


To qualify for a home purchase loan, borrowers typically need to meet certain criteria, such as having a good credit score, a steady source of income, and a down payment of at least 3% to 20% of the purchase price. The amount that a borrower can borrow will depend on their income, credit history, and the value of the home being purchased.


When shopping for a home purchase loan, borrowers should compare interest rates, fees, and terms from multiple lenders to find the best option for their financial situation. It's also important to have a clear understanding of the terms of the loan, including the repayment schedule and any penalties for late payments or prepayment.

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Put your mortgage to work for you

Cash out

Leverage your investment and take advantage of the equity your home has built for years.

Great For

Renovating your home

Paying down high-interest debt

Use my equity

Lower payments

Increase your financial security by refinancing to lower your monthly mortgage payment.

Great For

Increasing cash flow

Saving for retirement

Lower my payment

Reduce loan term

Why wait when you can refinance into a shorter term and pay your mortgage off.

Great For

Reducing interest
Paying off mortgages faster

Reduce my term

FAQs

Got a question? We’re here to help.

  • How does a home purchase loan work?

    With a home purchase loan, the borrower borrows money to buy a home and repays the loan over a period of time with interest. The terms of the loan, including the interest rate and repayment schedule, will vary depending on the lender and the borrower's financial situation.

  • What are the requirements for a home purchase loan?

    To qualify for a home purchase loan, borrowers typically need to have a good credit score, a steady source of income, and a down payment of at least 3% to 20% of the purchase price. The amount that a borrower can borrow will depend on their income, credit history, and the value of the home being purchased.

  • What are the benefits of a home purchase loan?

    The main benefit of a home purchase loan is that it allows you to buy a home that you might not be able to afford with cash. It also allows you to build equity in the home over time. Additionally, the interest paid on the loan may be tax-deductible.

  • How do I choose the right home purchase loan?

    When choosing a home purchase loan, comparing interest rates, fees, and terms from multiple lenders is important to find the best option for your financial situation. It would be best if you also understood the loan terms clearly, including the repayment schedule and any penalties for late payments or prepayment.

  • How long does it take to get a home purchase loan?

    The time it takes to get a home purchase loan can vary depending on the lender and the complexity of your financial situation. On average, it can take anywhere from a few weeks to a few months to get approved and close on a home purchase loan.

  • What are the different types of home purchase loans?

    There are many different types of home purchase loans, including conventional loans, FHA loans, VA loans, and USDA loans. Each type of loan has its own requirements and benefits, so it's important to research the options to find the best fit for your financial situation.

  • Can I pay off a home purchase loan early?

    Yes, you can pay off a home purchase loan early, although some lenders may charge prepayment penalties. Before taking out a home purchase loan, it's important to understand the terms of the loan and any penalties for early repayment.

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