Frequently Asked Questions
America's Choice
for Two Decades
How much do I need for a down payment on a home?
America's Choice Home Loans offers a variety of different loan programs including first-time home buyer programs, and low down payment options.
Imagine getting into your very own home with little money down!
Each loan program we offer has different rules about the down payment amount required. Down payments can also vary by the amount you want to borrow, as well as factors like credit history. To find out what options we have for you, Contact Us to be connected to our experienced Loan Officers for a no-obligation quote, or use our Free Quote to start a custom loan search.
Each loan program we offer has different rules about the down payment amount required. Down payments can also vary by the amount you want to borrow, as well as factors like credit history.
Should I get pre-qualified before looking for a property?
You don't have to apply for a loan before looking for a property, but it's a good idea to get pre-qualified for a home loan before you find a home to purchase. When you get pre-qualified, you know ahead of time how much house you can afford, what you can expect your monthly payment to be, and how much money you will need for the down payment and settlement costs at closing. Also, many real estate agents will take your offer more seriously if you have been pre-qualified.
What are the advantages of purchasing a home?
Buying a home gives you personal benefits such as a sense of buying a stake in your community, and pride for achieving the American dream of home ownership.
However, there are some strong financial benefits as well. One of the largest benefits of homeownership is the tax savings you receive. Interest payments on a home mortgage may be 100% tax deductible (consult your tax advisor to learn more).
And as you continue to pay your mortgage payment, you are building equity in your home, as opposed to a rent payment that goes into somebody else's pocket.
You build equity faster as the value of your home increases, and you can borrow against that equity to pay off debts, send your child to college, make home improvements, or take a much needed vacation. With today's low down payment options, affording a home is a lot easier than you may think.
Will I have to pay PMI?
Private mortgage insurance (PMI) is required for all loans that exceed 80% loan-to-value (LTV).
If you put less than a 20% down on your purchase loan, you will likely be required to pay mortgage insurance until your LTV reaches 80% or below.
America's Choice Home Loans may be able to help you avoid the expensive costs of PMI with one of our home mortgage programs. Give us a call or apply online to find out how.