First time home buyers find themselves in a good position recently, as the market continues to rebound and new construction soars. Additionally, interest rates are making it more affordable to sign a 30-year mortgage. Essex Homes proudly works with Ameris Bank to help home buyers finance the home of their dreams.
As of June 2, 2017, mortgage rates have fallen to the lowest levels since late 2016. Some lenders are even quoting rates under 4 percent. Ameris Bank is committed to streamlining the lending process and minimizing the stress by keeping it simple. Here we’ve compiled some important facts for buyers.
Mortgage lenders do vary widely on quality of service, customer care, loan products offered and even qualifying standards. It’s important to know if a buyer qualifies, and how long it will take to process the loan. Choose a lender that offers the right products, and make sure to get quality customer service. Ameris Bank strives to exceed customer service expectations, and our buyers have been fully pleased with them.
Many first time buyers worry that they can’t afford a down payment. Ameris Bank offers programs that require little to no down payment, but it is important to understand the borrowing limits and what loan options will meet your budget. It’s also a good idea to make sure you understand the terms of the loan and what the payments will be long-term. Keep in mind, though, that the more you can put down on a home, the lower your monthly payments will be. People who can put 20 percent of the purchase price or more down will avoid paying private mortgage insurance.
Processing a loan with Ameris Bank typically takes about 15 days, which exceeds the industry standard of 30 to 45 days. The approval of a loan can be delayed by a number of factors, such as leaving a job in the midst of approval, having tax debt or even simply changing banks. Be as honest about your living situation as possible so your mortgage counselor can help you find the right program.
Essex Homes buyers have a long and happy history of financing their homes with Ameris Bank. To learn more about our partnership and our homes, visit us today.