The Money-Saving Secrets of the Home Purchase

If you’re tired of throwing rent toward the landlord, you can keep some of that money by putting it toward the principle of your very own home mortgage. Why bother? Here are some of the money-saving secrets that homeowners can enjoy:

Locking in favorable terms with a fixed-rate mortgage. As of this writing, interest rates are at their historical rock-bottom. Receiving a fixed-rate mortgage lets you potentially lock in the most affordable terms we’ve seen.

Get pre-approved for a mortgage to do your research first.​ Ready to shop around? There’s no pressure. Get pre-approved for a mortgage and find out how much home you can afford—these are essential next steps that convince a home seller that you mean business.

Buy the home you can afford. When you know your total monthly liabilities, your income, and your credit rating, you can easily calculate just how much home you can afford. This will help ensure that you buy a house that remains a long-term blessing and not a strain on your budget.

The Stats: What You Need to Know Before You Buy a Home

​Homeownership is common. In fact, statistics from 2019 show that the homeownership rate was a staggeringly high 64.8%, which means the majority of people have gotten out of the rent cycle and into their own home.

You don’t need experience. First-time home buyers constitute one-third of all home buyers, which means that you don’t have to feel intimidating by the home buying process, even if it’s your first time. It’s far more common to be going through this process for the first time than you might imagine.

The average length of time is low. Have house fever? You’d be surprised how quickly things can move. The average length of time between someone visiting a potential home for purchase and the closing date was only 73 days, or two and a half months.

Are you interested in finding out if a home purchase makes sense for you? Are you ready to join the ranks of homeowners and lock in potentially low rates?

2 Ways to Use Your FHA 203(k) Loan

Buy a Fixer-Upper (and Fix It Up)

Or... Renovate Your Current Home!

Above and Beyond
Matt the Mortgage Guy did a great job in getting me though a tough process with my unique situation. He was very responsive and helpful; answering all my questions. When he said he could get the job done, he meant it, and without any surprises or hidden fees. Thanks!

- reneechaney2015

Need a home loan this is your guy
I cant say enough about “Matt The Mortgage Guy.” He was professional, knowledgeable and honest. The process went smoothly and we received frequent updates on the status of our loan. Laura, who was amazing, answered all our questions and was always professional and kind. I would definitely recommend Matt to anyone looking for a home loan.

- kimlashlock

Thank you, Matt!
Matt was such a helpful resource while we were buying our first home. His team helped us understand the WHOLE financial process, and we truly felt like they had our best interests in mind! We felt so taken care of and had all of our questions answered. We really appreciated his team and their mindset and will of course work with them again during our next home purchase.

- Julia Grissinger

We had a great experience recently working with Phil and his team at Fairway. We always knew where we stood in the mortgage process due to Phil’s e-mail updates. His team kept us informed of items we needed to provide and any related deadlines. Phil and his team were extremely responsive to any questions we had. We even received our mortgage commitment letter ahead of our deadline set by the seller. I have purchased a home before and this process went much smoother than my previous purchase – highly recommend!

- stockbridge

We closed our refi in less than 30 days!
We’ve financed two loans with Matt, and can’t say enough good things! He makes the process easy to understand, and just about as painless as it can possibly be. We truly appreciated the level of communication we received at every step, his professionalism, and the speed with which he and his team worked. We closed our refi in less than 30 days! Amazing. Highly recommended!

- clm dream

Excellent Transaction!
We are repeat clients of Matt Gouge. Matt and his team at Mountain West are unbelievably knowledgeable, efficient (just 18 days from the day I contacted Matt to the day we signed docs on our refi!!) and they genuinely care about their clients. I can confidently recommend Matt and his team. Thank you Matt!

- chandram

MATT is the right choice
I had PTSD with a prior loan officer with a loan that fell through and MAtt was able to pick up the pieces and really put me back on course with purchasing my first home. He was very knowledgeable and explained things to me in a way I could understand having never done this before. He was fun and really cared about how I was doing along the way. His experience and knowledge really put me into the right deal for me. He was prompt and always available and very professional I would recommend him to anyone.

- mcarstens1980

knowledgeable about all of my options
Matt took the time to explain everything and answer all of my questions. Matt and his team were pleasant to work with, easy going yet very responsive. I’ve had several home loans before and I felt confident in Matt’s wisdom. Several times during the process, I emailed him curve balls based on options I had read about. I over-research everything, so I always have a lot of questions. He was patient and explained in detail the pros and cons of different options in conversations both by phone and email. He always had time for me, never pushed me in one direction or another, and instead said what he would do based on XYZ factors in my situation. In the end, I feel like I chose the best options for me and I was very happy with the service I received. Everything went smoothly and quickly. I would highly recommend Matt to others.

- ssmith9444

Awesomeness
Matt did the impossible for me this time! LOL…My 4th loan and the hardest to get…But he did it, and I am extremely grateful. Thanks for everything, Matt. Keep up the great work!

- shayesteh27

Matt was super responsive!
Matt and his team were extremely responsive and timely during the entire pre-escrow and escrow process. He was available as needed to answer questions and kept me well informed about what I could expect as we moved toward closing. He also worked closely with my realtor to ensure we were all on the same page. I would highly recommend working with Matt.

- zuser20160429183939110

Everything went smoothly and with great professionalism…
I truly appreciated Matt’s professionalism and knowledge in his field during my transactions. In one month, we could not only refinance my own home, but with his help, I could get a very competitive rate for the 2 investment properties I bought at the same time. His promptness in answering calls, emails or texts is amazing. He definitely loves his job and cares about his clients. Not only I will continue to work with him in the future, but highly recommend him to whoever wants to buy or refinance her/his home without headaches! Great work, Matt and thanks again…:)

- shayesteh27

Your Renovation Wish List Could Include...

Increase window size

Bring in more natural light

Finish a basement or attic

Create a mother-in-law apartment or guest space

Correct foundational issues​

Protect your investment for the long-term

Add a detached garage when one does not exist​

There’s room for everyone

Knock down walls​

Open up the floor plan to create versatile, welcoming spaces

Flood-proof your property​

Add a retaining wall to prevent expensive damage

Repair the pool​

Tired of leaks and cracks? Fix the pool & start enjoying it

Expand or refresh the kitchen​

Cooking is just more fun in an updated kitchen

Add square footage​

Growing your family? Grow your home alongside it!

And so much more! ​All funded by your single, convenient FHA 203(k) Renovation loan.

And start planning your renovations now!

After remodeling, ​74% of owners have a greater desire​ to be in their home, and ​65%​ ​have increased enjoyment​ in their home.

Source: National Association of Realtors® 2020 Remodeling Impact Report

How Does a Renovation Loan Work?

Depending on the types of repairs you plan to do, ​you have two options​ when it comes to securing a FHA 203(k) Renovation Loan: Limited and Standard.

The Limited 203(k) loan

The Limited 203(k) loan is for non-structural or “cosmetic” repairs. It covers up to $35,000 in renovation costs. With a Limited loan, you can do nearly anything that doesn’t affect the home’s structure! ​Think kitchen and bathroom remodels, carpet and flooring replacement, painting, appliance replacement, and much more.

The Standard 203(k) loan

The Standard 203(k) loan is a loan for projects with repair costs over $35,000. It can be used for structural or non-structural repairs. With a Standard Loan, you have even more flexibility. ​You can expand the home’s footprint, improve accessibility for differently abled people, and even move the home to a different site.

START HERE. Discover what you can do with an FHA Purchase or Renovation loan!

What You Need To Know About A Home Purchase

Why should I buy a home rather than rent?

Everyone’s situation is different. However, in the era of low interest rates, a new home purchase can make financial sense for a lot of people. Locking in these low interest rates can mean paying less for more square feet in some cases. That said, every person’s situation is different, and your motivations for buying a home (including the need for more space or privacy) may differ from other people.

How do I start the home buying process?

One of the best ways to show that you’re serious about buying a home is to get pre-approved for a mortgage. This will give you some leeway when it comes to making offers when you view homes. And in some cases, it’s viewed as a necessity when you go out shopping for homes. In many cases, the process is as simple as finding out what you can afford given your current income, levels of debt, and financial obligations. The good news: it’s a lot simpler than you think!

What kinds of financial commitments do I have to make?

There are a lot of options for financing when you make a home purchase, so don’t feel that you have to commit to any particular one at this point. You’ll find that it’s possible to make a 20% downpayment, for example, but there may be types of financing available that require far less—as low as 3%, depending on your situation.

Why is now a good time to buy a home?

Although every situation is different, low interest rates tend to mean generous financing terms for people taking on a home mortgage. Having a mortgage with low fixed interest rates, for example, can be a powerful hedge against inflation in periods of higher inflation—where in the interest rates are typically higher. But we should reiterate that every situation is different, and you should do what’s best for your situation and your own family.

What is the next step?

Click through our buttons above to find out whether you qualify for great terms on a new home purchase!