The Power of Choice When Buying a Home or Refinancing a Mortgage

Mortgages are not one size fits all. Several home financing programs are available to suit your specific situation

Decisions, decisions. Whether you’re adding items to your Amazon cart or mulling over what you want delivered for dinner from DoorDash, it’s good to have choices. It’s even better to have them when you’re considering a much more significant expenditure like a mortgage (not that tech gadgets and tacos aren’t important—especially tacos).

Buying a home is generally considered to be one of the best investments you can make. Not only does it give you and your family a sense of security and pride of ownership, but it allows you to build equity and bolster your financial standing. The mortgage itself also gives you some flexibility in terms of what you can afford at the outset and what options are available to you down the road.

The trick is to educate yourself on those options and pick the best one for you. At CrossCountry Mortgage, we’re all about helping you do exactly that. Here’s a quick overview of our home loan programs for the two main mortgage scenarios: buying and refinancing.

You’re buying a home.

So, this is it—you’ve decided to take the plunge and purchase a place of your own! Maybe you’ve been renting for years and are ready for the next step in life. Maybe you’ve worked hard over a long career and can now afford that large, beautiful home you’ve always dreamed of owning. Or maybe you’ve decided that rental income should be part of your retirement strategy and you want to invest in real estate.

Clearly, there are many motivations for purchasing a home. To support those various goals, The Polder Group at CrossCountry Mortgage offers a broad portfolio of purchase programs:

• Choose a fixed or adjustable interest rate with a conventional mortgage.
• Put only 3.5% down with an FHA home loan.
• Turn that fixer-upper into your dream home with an FHA 203(k) rehab loan.
• Buy that luxury or high-cost home with a jumbo loan.
• Buy a rural country home with no down payment required with a USDA home loan.
• Get 100% financing for military veterans with a VA home loan.

You’re refinancing an existing mortgage.

Already own a home? You may be surprised at what you can do with your existing mortgage. From refinancing to lower your rate and monthly payment to consolidating debt into one loan, refinancing gives you a wealth of options to put yourself in a more beneficial situation, including:

• Lowering your rate and monthly payment with a conventional refinance.
• Lowering your mortgage insurance premiums with an FHA Streamline Refinance.
• Addressing a situation where you owe more than your home is worth with a HARP refinance loan.
• Accessing funds for repairs or special purchases with a home equity loan.
• Supplementing your retirement income if you’re 62 years or older with a reverse mortgage.
• Lowering the interest rate on your existing Veterans Administration mortgage with a VA Interest Rate Reduction Refinance Loan.

Refinancing can reduce your monthly payment initially, but that doesn’t always mean it will save you money in the long run. Fees and interest rates need to be considered when calculating if your new mortgage will save you money over the entire life of the loan. A licensed loan officer will be able to help you decide if refinancing is right for you. We’ll help you calculate at which point you will break even and begin to save.

You’re not alone!

Even with all of this information at your disposal, chances are you’ll still need help identifying the right loan program for your specific situation and personal financial goals. That’s what we’re here for! Your licensed Polder Group at CrossCountry Mortgage loan officer can guide you toward the right decision by helping you understand the available options and walking you through the home financing process from start to finish so you know exactly what to expect.

When you’re ready, start the conversation. We’re here to make the mortgage process easier for you!

This article is for educational purposes only and does not constitute financial or mortgage advice. Loan programs, rates, and guidelines may change at any time. All loans are subject to credit approval and underwriting. For guidance tailored to your situation, consult a licensed mortgage professional.