Why is it important to think about your home loan purpose? There are a couple of reasons:
- It helps you identify what you need in a home loan.
- It helps you understand how banks and lenders are likely to perceive your risk as a borrower.
The two most common purposes for home loans in Phoenix are:
With a home purchase loan, your goal is of course to buy a home of your own. You might be looking to live in the home for a few years, or you could be planning to build a life in Phoenix. These are important considerations as well, since you will need to choose a mortgage which offers you favorable terms and competitive home purchase loan rates.
With a refinance loan, your goal is to reduce the interest rate you are already paying on a home you live in now. Mortgage refinance rates in Phoenix, AZ, can vary quite a bit, so it is vital to shop around to make sure you are getting the best deal and the refinance will be worth it.
You might also be seeking a Phoenix home loan to:
- Build a home from the foundations up.
- Upgrade your home, for example by enhancing it with energy-efficient modifications such as solar panels.
- Invest in real estate to resell later at a higher price.
- Extract equity from your home in the form of cash using a reverse mortgage.
At B Home, We Will Discuss Your Goals and Needs and Help You Find the Best Phoenix, AZ Home Loan to Suit Your Purpose
B Home works with homebuyers and homeowners throughout Phoenix, AZ, who are seeking new loans for a broad range of purposes. Some of our customers are looking to build or buy their own home, while others are trying to reduce their interest rates through refinancing or increase cash flow through a reverse mortgage. Still others simply want to make improvements.
Whatever your goals, we can ensure that you are getting the best possible Phoenix, AZ mortgage rates along with the lowest fees and the friendliest terms.
Call us today at 602-953-6677 and we will set up a consultation to discuss your home loan purpose and take the next steps toward the home of your dreams in Phoenix.