CONTRIBUTED CONTENT — Buying a home is a lengthy process that involves many moving parts. One of the most important steps along the way is the down payment.
Homie Loans was born out of the need for a simplified mortgage lending process. Loan officer Mallory Dougherty said that first-time homebuyers obtaining a mortgage through Homie Loans can put as little as 3% down.
Learn more about down payment options from Homie Loans in the “Ask a Local Expert” video in the media player above.
Homie Loans provides both conventional fixed-rate mortgages and loans backed by the Federal Housing Administration. FHA-insured loans allow the buyer to put 3.5% down and have lower closing costs.
This is the bare minimum, however. In order to lock in the best available interest rate and keep payments as low as possible, the experts at Homie Loans recommend a down payment of at least 5%.
“If you can do a 5%, it’s great as far as pricing for your mortgage insurance, because if you put less than 20% down you are going to be paying some mortgage insurance,” Dougherty said. “Ours is super cheap, though, so don’t even worry. Other than that, 20% is a great option if you can swing it.”
Created with the sole purpose of saving customers thousands of dollars on their mortgages, Homie Loans uses technology to automate and simplify the lending process. Whether buying for the first time or refinancing, Homie Loans guarantees they’ll beat any competitor’s locked loan estimate or pay clients $500.
Homie Loans is the sister company of real estate disruptor Homie. Since first launching in Utah in 2015, Homie has been changing the way homes are bought and sold. Their software platform streamlines the process from contract to closing, eliminating excessive fees and agent commissions along the way.
Find more information on the Homie Loans website.
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