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 2022 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!
Ozzie and his team are amazing! He helped me with my very first mortgage and I returned to him for refinancing, I wouldn’t dream of going to anyone else! He is fast, efficient and professional. I know he’s going to get me the best deal possible. I have recommended him to several friends and plan to continue to do so, I trust him! You are making a wise choice with Lucid Lending. They changed my life!- Rachel Wheeler
Ozzie and his team did a fantastic job! They handled my original mortgage and reached back out when it was time to refinance. Their process is streamlined and their communication is fantastic. As a real estate agent, I would highly recommend them to friends, family, and future clients. Thank you for your help, and I look forward to working with you again in the future!- Travis Alley
The most amazing team. I can't say enough how wonderful and smooth everything went. We closed on time. They were there to answer any questions and help to reassure me when I didn't understand a process or term in the loan. I was an out of state buyer and the Lucid team were also working smoothly with my agent and the law office to make sure everything was lined up. My real estate agent was very impressed how organized and professional they were. I would highly recommend them. I was not just a number, but someone they cared about to get my loan done. The most helpful thing was that I was given a price range that I could shop for when I was looking at homes. This way there was no surprise and I stayed within that budget.- Caytie Davenport
Matthew Oswald moved mountains for me and my family. Our previous lender had dropped out on our loan process 24 hours before closing. We were already out of our home and living in an office space because of the catastrophe of that first closing process. Matthew handled everything and had us closed in 3 weeks, unheard of. He was unbelievable! He stayed up late, managing paperwork and working on documents for us. I don't think we would have ever closed if it wasn't for him. We hit snag after snag with the property we were buying, but Matthew (ozzie) made it all work and even called to help me calm down a few times when I was freaking out. I have recommended him to anyone I could, and will continue to as he is truly an awesome person to work with!- Lynnette Shuster
As a first time home buyer, Nick was extremely helpful guiding me through the process and answering all my questions, even if I felt like they were dumb. They seamlessly worked with my agent to make sure everything was tight for due diligence and closing. I felt listened to and well-guided. So grateful for the whole experience!- Claire Siegel
Highly recommend. Nick helped me get a mortgage I thaught was impossible to achieve. He gave me advise and I followed. Within eight months had a dream come true. Also recommended a realtor Robert who was also absolutely amazing. Thank You Lucid Lending Team.- Richard Hatalski
Matthew and Amanda got me the best I could of ever imagined! They were very professional and responsive to all my questions and concerns. I would highly recommend Lucid Lending for both new purchase and refinance mortgages!- Gerry Logan
We refinanced our home with the help of Lucid Lending and the entire experience couldn’t have been better! Ozzie and Nick were great to work with. Any time I reached out with a question, they were quick to respond with clear information. They are also extremely friendly and trustworthy. The process from start to finish was a lot easier and faster than we expected and we are really happy with our interest rate. If you are shopping for a lender, I highly recommend this company. Now is a good time to get started!- Amy and Josh Heald
So incredibly helpful, personable, and deeply concerned with our family's financial health and progress. Would highly recommend Lucid Lending to anybody!- Sarah Jean Smith
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?
While it’s true that rates are up from last year’s historic lows, there are still many reasons why now could be a great time to buy. For one, falling home prices mean that you can get more house for your money. In addition, there is less competition from other buyers, so you may have an easier time negotiating a lower price. Don’t let rising rates scare you off – there are still plenty of reasons to buy the home you’ve always wanted!
What is the next step?
Click through our buttons above to find out whether you qualify for great terms on a new home purchase!