Owning a home is one of the top aspirations that people have. Many people dream of someday becoming homeowners and spend years working to make it happen. With mortgage lenders, they can make it happen quicker. Mortgage lenders, such as PrimeLending, offer home loans to help people purchase their homes.

PrimeLending is a U.S.-based financial services company that helps people become homeowners through its loan options. In addition to offering loans to help people purchase a home, PrimeLending also offers loans to help them refinance and renovate their homes. Established in 1986, it has helped over half a million people with loans.

The company has branches all over the country, including New York, California, Ohio, and Colorado. Colorado houses the Fort Collins branch, where a team of professionals can help you identify and obtain the loan for you. Read on to find out more about the services PrimeLending Fort Collins (FoCo) offers.

Applying for a Loan With PrimeLending FoCo

PrimeLending offers a simplified loan application process, which a loan officer will be there to guide from start to finish. Below are the steps to obtaining a loan from the company:

1. Application: The loan application starts online, where you provide the information needed for them to assess your qualification. The process involves: determining your price range, comparing loan options, settling on a number for the down payment, qualifying for a loan, and receiving a loan estimate. You can upload your financial documents online as well.

2. Property verification and appraisal: The appraisal and verification come after the appraisal; the property is assessed to determine its value, and details of the property are confirmed. The appraisal ensures the cost of the home and the amount you're offering for it reflect the property's market value.
Here are some of the things property appraisers look out for:

• Location of the property
• Surrounding properties
• Number of rooms
• Square footage of the property
• Amenities
• Condition of the property
• Size of the lot
• Exterior of the home
• Interior of the home

1. Loan confirmation: During this stage, the loan and documents are reviewed by loan officers. If the loan is approved, your interest rate will be locked, and your closing scheduled.

2. Closing: You can sign the required documents and close on your home when everything is confirmed to be in order.

Purchasing a Home With PrimeLending FoCo

PrimeLending FoCo offers several purchase loan options for first-time homebuyers and experienced homebuyers. Below are some purchase options available to customers looking to purchase a home:

Conventional loans

PrimeLending works directly with customers to provide them with conventional loans, which are non-government-backed. Conventional loans are a common choice among steady-income earners with good credit.

1. Adjustable rate mortgage (ARM): This is a flexible loan option with a lower starting interest rate. The loan starts with a fixed interest rate which lasts for several years, after which the rate changes, leading to interest payments becoming flexible for the rest of the loan's duration. The rates can go up or down but tend toward the former. This loan option is good for people who:

• Don't plan to live in their home for long
• Can afford monthly payments
• Have debt that won't disrupt payments

2. Fixed-rate mortgage: Unlike an ARM, a fixed-rate mortgage is non-flexible. It is a popular loan with people who wish to stay long-term in their homes. Monthly payments are low, and the interest rate does not change for the duration of the loan. 15- and 30-year mortgages are two types of fixed-rate mortgages.

15-year fixed-rate mortgages have slightly higher rates than 30-year mortgages, which halves the loan's duration. Interest rates are lower, and you can become a homeowner sooner.

With a 30-year fixed-rate mortgage, the loan is spread out over a longer period, so you pay less than you would with a 15-year mortgage. However, interest rates are higher, and it takes longer to become a homeowner.

Fixed-rate loans are good for people who:

• Plan to reside long-term in their home
• Like fixed payment plans
• Prefer lower monthly payments
• Can afford to pay higher interest rates

Government-backed loans:

Government-backed loans provide financial assistance to people who cannot afford loans from private lenders. They are also popular with first-time homebuyers. The government insures or guarantees the loans, although it may or may not fund them. It also sets the terms of the loan. PrimeLending offers the following government-backed loans to customers:

1. VA loan: VA loans are offered to in-service and retired military personnel and their families. They are partly guaranteed by the U.S. Department of Veterans Affairs, with benefits such as:

• No private mortgage insurance
• No down payment
• Possible VA assistance
• Low average fixed rates
• Higher loan value
• Minimal credit requirements
• Reduced closing costs

VA loan types available to qualified personnel include ARMs, fixed-rate mortgages, jumbo home loans, and refinancing loans.

2. Federal Housing Administration (FHA) loan: This loan is backed by the FHA. It's a good option for lower to midrange earners, requiring lower down payments than conventional loans. It is a popular choice with seniors and first-time homeowners. Benefits of FHA loans include:

• A 3.5% down payment
• Lower credit requirements
• Flexible income requirements
• Low closing costs

Different FHA loans include ARMs and fixed-rate mortgages, both of which PrimeLending offers. FHA fixed-rate mortgages have terms of up to 15, 20, 25, and 30 years.

3. U.S. Department of Agriculture (USDA) loan: The USDA loan or USDA Rural Development Guaranteed Housing Loan Program is backed by the U.S. Department of Agriculture. It enables low- and middle-income earners to own homes in rural areas, suburbs, and small towns. Benefits of USDA loans include:

• 100% financing
• Low-interest rates
• Lower credit requirements
• Affordable monthly payments
• Low private monthly insurance

PrimeLending FoCo offers a 30-year fixed-rate USDA mortgage, one of the company's most popular loan options.

Down Payment and Closing Costs Assistance

PrimeLending FoCo supports customers by helping them find programs to assist them with their down payments and closing costs. Here are some assistance programs for aspiring homeowners:

• 203K renovation loan: This helps home buyers refinance or purchase a home that needs renovation.
• HomeReady®: This program offers discounted mortgage and insurance rates and allows low-income homebuyers to make a 3% down payment on home purchases.
• Home Possible®: This program is offered through Freddie Mac and allows low-income earners to make a 3% down payment on a home.
• Conventional 97: This program finances single-family units and enables aspiring homeowners to obtain a conventional loan with a 3% down payment. The lender provides the remaining 97% of the payment, which is how the program gets its name. It's backed by the Federal Home Loan Mortgage Association (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae).

Purchase a Home Through PrimeLending FoCo
With PrimeLending FoCo, aspiring homeowners can purchase properties without saving up for years. The company offers a simplified homeownership process and various financing options to homebuyers. Dedicated loan officers are available every step to guide people looking to purchase a home.

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Image 1: Image by Oleksandr Pidvalnyi from Pixabay
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