Mortgage Broker Van Buren, AR
Van Buren, Arkansas's #1 solution for mortgage loans. Our mortgage brokers in Van Buren are working hard to get you qualified and approved for your dream home!
Van Buren, Arkansas's #1 solution for mortgage loans. Our mortgage brokers in Van Buren are working hard to get you qualified and approved for your dream home!
Swipe Solutions works hand-in-hand with Van Buren based mortgage companies and brokers. We have been helping clients in the surrounding Arkansas areas since 2016. Van Buren mortgage brokers and lenders can offer you access to residential home loans and home buyer information in minutes.
We are connected to a large Van Buren mortgage lender network, offering prospective buyers access to conventional, FHA, VA, and USDA loan programs. We also connect buyers with down payment assistance programs and provide guidance on first-time home purchasing and loan refinancing.
It is finally time to own your own home in Arkansas's beautiful scenic landscapes and safe neighborhoods. Our loan programs for first time homebuyers in Van Buren, AR make it easy to afford your down payment and move into a new home now. Plus, we also have mortgage brokers in West Memphis and Texarkana!
Our Van Buren mortgage team is committed to providing families with the highest quality financial services, combined with the lowest rates and fees available. Whether you are purchasing a Arkansas dream home, refinancing an outstanding loan, or consolidating debt, our highly experienced Van Buren mortgage team can help you find the right loan program at the lowest rate, no matter what your home financing needs in Arkansas may be.
First, you'll need to have a good credit score. The higher your credit score, the better interest rate you'll be offered. You'll also need to have a down payment of at least 3-5% of the loan amount. And finally, you'll need to have a steady income and employment history.
If you're not sure where to start, you can check with your Van Buren bank or Van Buren credit union first. They may be able to offer you a good interest rate on a loan. Online lenders may be able to offer you a lower interest rate because they don't have the overhead costs of a traditional bank.
Once you've found a mortgage broker in Van Buren, AR you're comfortable with, you'll need to fill out an application. Be sure to have all of your financial information handy, including:
The lender will also need to know about any debts you have, such as credit cards, student loans, or car loans.
Once you're approved for the Van Buren mortgage loan, you'll need to sign the paperwork and agree to the terms.
Make sure you understand everything before you sign. Once you've signed, the Van Buren mortgage broker will send the money to your closing agent. The closing agent will then pay off your old debts and transfer the title of the house into your name. Now you're the proud owner of a home in Van Buren, Arkansas!
Getting a mortgage loan in Van Buren when you have bad credit can be difficult, but there are a few Van Buren-based mortgage brokers who specialize in bad credit home loans. It may take some time and effort, but it is possible to get a mortgage with bad credit.
Mortgage lenders in Arkansas are required by law to check your credit score when determining whether to approve your loan application. Banks and other lenders use your credit score to set the interest rate for a loan, so the lower your score, the more you'll likely pay.
The best mortgage rates in Van Buren are reserved for the borrowers who present the lowest risk.
Lenders consider other factors, as well, including loan-to-value (LTV) and debt-to-income(DTI) ratios, but credit scores are especially important.
The examples below are based on Van Buren, AR loan amount averages for a 30-year fixed loan in the amount of $300,240 — 80 percent of the Arkansas median existing-home price as of January 2023, according to the Van Buren Association of Realtors, reflecting a 20 percent down payment.
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| FICO score | APR | Monthly payment | Total interest paid |
|---|---|---|---|
| Note: APRs in Van Buren, Arkansas as of January 2023 Source: myFICO loan savings calculator |
|||
| 760–850 | 4.826% | $1,580 | $268,552 |
| 700–759 | 5.048% | $1,621 | $283,166 |
| 680–699 | 5.225% | $1,653 | $294,945 |
| 660–679 | 5.439% | $1,693 | $309,332 |
| 640–659 | 5.896% | $1,775 | $338,717 |
| 620–639 | 6.415% | $1,881 | $376,909 |
There is more than $100,000 difference between a 4.826 percent APR and a 6.415 percent APR in interest over the life of the loan. Although this example doesn’t go below 620, the data is clear: Credit scores lower than that result in even higher financing costs for mortgage loans in Van Buren.
Unlike the big banks, we understand your options then find the best mortgage lender in Van Buren, AR to suit those needs. You get a great rate because the mortgage lender wants to win your business.
Van Buren’s Mortgage Broker can help you accomplish your home loan goals with:
Van Buren's Mortgage Broker offers a variety of home loan products and programs ranging from low down payment mortgages to 90% LTV million dollar cash-out refinances.
Being approved for a mortgage loan in Van Buren will depend more on how the lender assesses your risk than your credit score alone. Your eligibility will be determined by credit score, income, and other factors.
There are three main points you should consider when it comes to qualifying for a mortgage in Van Buren, AR. Most Van Buren mortgage brokers refer to this as the 3 C's. Credit, Collateral and Capacity.
Your credit score is an indicator of your likelihood to make things work, even when money is tight, so the higher the better. If you believe you have a score in the upper 600 range, you are looking good.
Collateral has to do with your down payment. Around Van Buren there are two major options, one is with Fannie Mae/Freddie Mac and called "Conventional Financing" while the other is Gennie Mae and called "FHA Financing".
Conventional requires a minimum of 3% if you have moderate to low income (under 100k/yr) or 5% down for those over the income limits.
FHA only requires 3.5% for their down payment and does not have income limitations. For people with low down payments, FHA is by far the most common method of purchasing a home.
Van Buren Jumbo loans start at anything above $726,525. Because of the high price point for Van Buren, the median purchase price in 2018 has hovered right around $550,000. The thing to note about loan limits is they have to do with the amount you are borrowing, not buying. For example; you are purchasing a home for $825,000 but have a $100,000 down payment. This would put your loan amount into the conforming high-balance limit because you are only borrowing $725,000.
Van Buren mortgage brokers and lenders are subject to state supervision, which ensures that borrowers are not subjected to excessive interest rates or predatory mortgage lending tactics.
In Van Buren, AR, first-time homebuyers may receive public assistance with making their down payment. The Federal Housing Administration (FHA) governs the standards of all home loans and current mortgage rates in Arkansas. However, many lenders obtain licensing to grant mortgages through the Nationwide Multistate Licensing System and Registry (NMLS).
Using a local mortgage broker in Van Buren, Arkansas can have several benefits for local residents. One key advantage is that a local broker will have a deep understanding of the Van Buren housing market and the specific mortgage products and options that are available in the area. This can be especially helpful for first-time homebuyers or those who are unfamiliar with the local market.
Another benefit of working with a local mortgage broker is that they can provide personalized and convenient service. They will be able to meet with you in person to discuss your mortgage needs and guide you through the home-buying process. This can be much more efficient and stress-free than working with a large, out-of-state lender.
In addition, local mortgage brokers often have strong relationships with local lenders and can help you secure the best mortgage rates and terms for your situation. By choosing a local mortgage broker, you can support the local economy and receive the personalized and expert guidance you need to navigate the home-buying process.
Getting pre approved for a home loan is a lot easier than you may think. There are only two steps and if you are a list oriented person, the process is a breeze.
First you should find the Van Buren loan officer or mortgage broker you want to work with, once you have had a chance to speak to a couple and have weighed the pros/cons of each you can move onto step two, the application.
Most applications can be completed online or, if you prefer, over the phone during the first step. Filling out the online paperwork should take less than 15 minutes and it will only ask questions you’re sure to know the answers to, make sure to supply the documentation the loan office lists out for you in the phone call/follow up email so they can thoroughly review your qualifications.
Mortgage broker fees in Van Buren, AR can vary widely and can be shown in a way that some would say are 'hidden' so make sure to ask your loan officer about ALL of the fees their office charges.
A couple major fees that you will see are: loan officer origination charges, processing fees, credit report fee and underwriting fee. If the loan officer responds to you with, the fees are paid by the lender, this is not them dodging the question. In most cases, the Loan Origination fee is paid to the loan officer directly by the lender, however the processing, credit and underwriting fees can still be added to your total out of pocket costs as they are typically not considered a mortgage broker fee.
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