-Tabor Mortgage Group has a wide variety of loan programs that you can apply for
-The company offers both government-backed and conventional loans
-You can get pre-qualified for a loan by submitting an online application
Let’s say you are now in the market for a new home. You have been approved for a mortgage, but you need to find a lender that can work with you. You may have heard of Tabor Mortgage Group and you want to learn more about their loan programs.
But, what exactly they can give to you? In this article, we will give you an overview of Tabor Mortgage Group to let you understand its services. And at the end of the article, we will provide a section for some FAQs.
Tabor Mortgage Group has partnered with some of Charleston’s leading real estate businesses and built a fantastic reputation through its outstanding customer service. The company’s staff is friendly and experts in their field, which makes the home financing process as easy as possible for customers.
Additionally, Tabor Mortgage Group strive to take the pressure off of its clients by finding the best financing options that fit their individual needs. And their goal is to help you realize the dream of homeownership. Whether you’re buying your first home or refinancing an existing one, they’ll work with you to get the best possible mortgage for your needs.
Here are some of the company’s characteristics:
A home loan is a type of loan used to finance the purchase of a property and is usually a long-term loan, which means it can take years to pay off. The interest rate on a home loan is usually lower than the interest rate on other types of loans, such as credit cards or personal loans. This makes home loans an attractive option for people who are looking to buy a property.
However, it is important to remember that you will still need to make regular payments on your home loan, even if the value of your property goes up. Failure to make payments can lead to repossession of your property.
Applying at Tabor Mortgage Group, you can choose the following loan programs depending on what you need:
Homes backed by the U.S. Department of Veterans Affairs (VA) are available as VA loans to eligible service members, veterans, and their spouses. These have several benefits in comparison to other types of mortgages, including no down payment required, no private mortgage insurance needed, and lower interest rates.
In addition, this type of loan is available for a wide range of property types, including single-family homes, condominiums, and even manufactured homes. As a result, it is an attractive option for many homebuyers. However, it’s important to remember that it is not available for investment properties or second homes.
If you’re thinking about using a VA loan to purchase a home, be sure to work with a qualified lender who can help you understand the eligibility requirements and process.
FHA Loans are a type of mortgage loan that is insured by the Federal Housing Administration, a government agency. These loans are available to borrowers with less-than-perfect credit and can be used to finance both purchase and refinance transactions.
The main benefit of this loan is that it allows borrowers to obtain financing with a down payment as low as 3.5%. In addition, these loans have more flexible underwriting requirements than other types of mortgages. As a result, they can be an ideal option for first-time homebuyers or those with less-than-perfect credit.
If you’re considering an FHA Loan, be sure to compare rates and terms from multiple lenders before choosing one. Keep in mind that the best deal is not always found by going with the lowest rate. Make sure you’re getting the best overall value by taking into account factors like closing costs and origination fees. And always be sure to shop around for the best deal before committing to any mortgage loan.
The United States Department of Agriculture (USDA) offers loans to help farmers and ranchers purchase land, finance agricultural operations, and strengthen farm structures. The agency also offers loans to rural homeowners to improve their homes or build new ones. The objective of the USDA loan program is to promote economic development and provide affordable housing in rural areas.
Loans are available through the USDA Rural Development office in each state. To be eligible for a loan, applicants must be U.S. citizens or legal residents, and the property must be located in a rural area with a population of less than 20,000. There are no down payment requirements, and loan terms can extend up to 40 years.
Also, interest rates are typically lower than those for conventional loans. For more information on USDA loans, visit the agency’s website or contact your local Rural Development office.
A typical loan is a mortgage not protected or maintained by the government. It is typically available with either a fixed interest rate or an adjustable interest rate, and it can be either conforming or non-conforming.
Conforming loans must meet certain guidelines set by government-sponsored enterprises like Fannie Mae and Freddie Mac, while non-conforming loans do not have to meet these guidelines. Some common features of conventional loans include private mortgage insurance (PMI) and a down payment of at least 5%.
Moreover, you can use conventional loans to purchase primary residences, second homes, or investment properties. Contact a loan officer in Tabor Mortgage Group today to learn more about whether a conventional loan is right for you.
You can use Jumbo financing for primary residences, secondary homes, and investment properties, but there are some different rules for each. With a primary residence, you can get a jumbo loan with a down payment as low as 10%. For a second home, the minimum down payment is 20%, and for an investment property, it’s 25%.
Your debt-to-income ratio (DTI) is another factor that lenders will consider when evaluating your loan application. This is the percentage of your monthly income that goes towards debt payments, including your mortgage, car payments, credit card bills, and student loans. For a jumbo loan, most lenders want your DTI to be under 45%.
If you’re interested in getting a jumbo loan, you’ll need to shop around to find the right lender. Not all lenders offer jumbo financing, and those that do may have different requirements for borrowers. Now is a good time to start talking to different lenders about your options.
Down payment assistance programs typically provide a fixed amount of money that can be used towards the down payment on a home. In some cases, the assistance is provided as a loan that must be repaid over time, while in others it is provided as a grant that does not need to be repaid.
Regardless of the specifics, these programs can make a big difference for potential homeowners who are struggling to come up with the necessary funds. If you’re interested in buying a home but don’t have enough for a down payment, be sure to research down payment assistance programs in your area. With a little help, you may be able to achieve your homeownership goals after all.
Tabor Mortgage Group offers loan programs that can accommodate you even if your circumstances are atypical. Here is a list of them:
Applying for a mortgage can be a daunting task, but Tabor Mortgage Group is here to make the process as easy and stress-free as possible. Here is a step-by-step guide to the home-buying process:
1. Get Pre-Approved
Reach out to a mortgage lender and get pre-approved, that way, you’ll know your budget for purchasing a home. You’ll also have other advantages by starting off with pre-approval.
2. Find a Real Estate Agent
Your real estate agent will know exactly which properties in the area are eligible for you. They’ll sit down with you and discuss your desired home features and budget to help create a list of possibilities.
3. Find your Dream Home
After you’ve found a few properties that suit your interest, take some time to look around and find the perfect home. You should already have talked with your real estate agent about what features in a home are important to you.
4. Make an Offer
It’s time to sign some paperwork, get the home inspected, check legalities, and make a competitive offer! Haggling may occur during this stage, so trust your real estate agent to help you out.
5. Home Loan Process
The professional you’re working with will start collecting more information from you and discussing your home financing goals to choose the right mortgage program. They’ll also be looking at the title of the home, an appraisal, and other factors.
6. Close on Your Home
In a few short days, you’ll sign the official closing documents and officially get the keys to your new home. Just as a reminder, it’s always smart to check in yearly with your Mortgage Loan Originator just to make sure you’re staying on target with all of your long-term home financing goals.
There are many different types of home loans available through Tabor Mortgage Group. No matter your situation, there is a loan option that can work for you. The process of finding and applying for a mortgage doesn’t have to be daunting when you have the right team by your side. With Tabor Mortgage Group, you’ll be well on your way to homeownership in no time.
If you’re interested in learning more about Tabor Mortgage Group or any of the loan programs discussed, be sure to visit their website or contact a representative today.
How can I achieve a higher sales price?
If you want to get a higher sales price, in most cases, you will either need to make more money or owe less money. Adding a co-borrower is another method.
How much time does it usually take to get a loan?
The pre-approval process usually takes around half an hour. If everything goes smoothly, the entire loan process from start to finish should take between 30 – 45 days.
What is the minimum credit score that you need to be approved for a loan?
The minimum credit score requirement for a loan program is 550. However, some programs are more lenient than others when it comes to credit scores. For example, FHA and VA programs have less strict requirements when it comes to credit scores.