Mortgage Company Little Rock, AR
When it comes to buying a home, finding the right mortgage option is key. Little Rock residents have a variety of options available to meet your specific needs. In this article, we will provide an overview of mortgage options in these two cities, giving you a comprehensive understanding of what is available to you and how Mortgage Financial Services can help.
Understanding the Basics of Mortgages
Our goal is to help homebuyers achieve the American Dream of homeownership. Whether you are a first time home buyer or purchasing a second home, Mortgage Financial Services, LLC is dedicated to providing quality service and products that help customers achieve their objectives throughout the home buying process. We want you to DREAM BIG, and leave the little things to us!
Types of Mortgages
The most common type of mortgage is a conventional loan. This type of mortgage is not insured or guaranteed by the government, which means that the lender takes on more risk. To qualify for a conventional loan, you typically need a good credit score, a stable income, and a down payment of at least 3% to 20% of the home’s purchase price.
Another type of mortgage is a government-backed loan, such as an FHA loan or a VA loan. These loans are insured or guaranteed by the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA), respectively. These loans often have more lenient requirements, such as lower credit score requirements or the ability to finance a higher percentage of the home’s value. FHA loans are available to all borrowers, while VA loans are exclusively for military veterans and their eligible spouses.
What a Mortgage Payment Is Made Of
A mortgage payment consists of both principal and interest. The principal is the initial amount borrowed, which is the purchase price of the property minus the down payment. The interest is the cost of borrowing the money, expressed as an annual percentage rate (APR). The loan term is the length of time you have to repay the mortgage, typically 15 or 30 years.
Additionally, your monthly mortgage payment will often include other costs, such as property taxes and homeowners insurance. Lenders may also require you to pay for mortgage insurance if your down payment is less than 20% of the home’s purchase price. This insurance protects the lender in case of default and adds an additional cost to your monthly payment.
Perks of Owning a Home in Little Rock
One of the major perks of owning a home in Little Rock is the affordable cost of living. Both cities boast a lower cost of living compared to many other metropolitan areas in the country. This means that homeownership is more attainable, whether you’re a first-time buyer or looking to upgrade to a bigger home.
Little Rock offers a variety of recreational activities and attractions. Little Rock is known for its stunning riverfront area, where homeowners can enjoy scenic views, leisurely walks along the riverwalk, and outdoor fitness activities. The city is also home to numerous parks, golf courses, and hiking trails, providing ample opportunities for outdoor recreation and relaxation.
Lastly, Little Rock has a robust job market and economic growth potential. It is home to several major corporations and a growing startup scene, providing ample job opportunities in various industries. Homeowners in this city can benefit from the diverse employment opportunities, ensuring a stable and prosperous future.
How Mortgage Financial Services Can Help
Little Rock has plenty of mortgage options for you to consider. From conventional loans to VA loans and investment property financing, it’s important to explore your options and find the best fit for your specific needs.
Mortgage Financial Services can provide you with the professional guidance you need to make an informed decision. So, dive into your research, compare rates and terms, and take the first step towards achieving your homeownership goals in these vibrant cities.
Contact Mortgage Financial Services today at (866) 637-5290 or fill out the online form to get started!
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Locally serving Little Rock, Arkansas.
I’m here to answer any questions you might have about our products and services. Feel free to contact me using any of the following methods:
Scott Taylor
RMLO NMLS 1083832
CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.