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.
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:
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!
The staff at 3G were great! I highly recommend for your mortgage needs. I heard about the company by word-of-mouth recommendations from multiple people. Michael, David and all involved staff were kind, patient and thorough. Thanks for getting us into a great home!- Jill Lebret
The 3rd Generation teams were so helpful when it came time to move off my fixed-term mortgage deal and I was finding the choice overwhelming. The process was quick and simple with absolute minimal paperwork and hassle; I would definitely recommend their service every time!- Herry Smith
Everyone at third-generation Mortgage was helpful and knowledgeable excellent experience- Vincent DiBenedetti
Working with John and Nicole was a DREAM! They helped my husband and I purchase our first home and they made the process so simple even in the middle of a pandemic! I would recommend them hands down 100% over and over again!- Emily Favro
Let me start off by saying that 3rd Generation Home Loans was the way to go for me and I'm sure when I say this I speak for many others that have been assisted by 3rd Generations Home Loans professionals, My story: I was a first time buyer, I was scared and confused trying to keep my ducks in a row, not knowing what to expect, it's a truly life long commitment and decision buying your first home, when all I knew in my 41 years is paying a super high amount of rent to my landlords throughout the years and one day I woke up after a long discussion with my fiancee noticing we were paying someone else's mortgage, so let the races begin, but how do we start? I tell ya, if it was not for Michael Favor to speak to me and tell me how it was going to be, how it would effect me and my future, would I be able to handle the price, he was so kind, understanding, and super honest and realistic, he didn't beat around the bush, he allowed me to understand the process of the loan that he was having David work on just for my needs and it was difficult but they found a way to make it work and in a timely fashion, so I wouldn't be in breach of my Contract expiration date. So, in the end, everything was taken care of just fine. I would recommend them to whomever mentions who do I use, my answer would be: If you do not call Michael Favor at 3rd Generation Home Loans, you are making a drastic mistake. Thank you Mike for EVERYTHING!!!- Carla Termine
Michael has me through the entire mortgage process from initial questions to closing day details. Whether it was early morning or late evening he provided steady guidance throughout the entire process. I would recommend him to anyone in need mortgage assistance.- Gary Mannuzza
John and his whole staff were absolutely fantastic with helping me with my mortgage . It was my first house and they all helped me every step of the way . I’d recommend them to anyone without a doubt.- Patricia Franzwick
We decided to use 3 Generation Home loans based on all the 5* reviews. I’m so glad we did, they have made our experience very pleasant and stress free. Thank you to John and his assistant, they really went out of there way to help us. Always at the end of the phone when we needed them. We couldn’t rate this great place anymore, definitely deserve more than 5*. Thank you all!- Abigail Nelson
John is absolutely fantastic, could not fault him in any way!! He has hugely helped me and my partner gets our first mortgage and our very first home!! Wouldn’t go elsewhere, the service provided is excellent, and John is with you every step of the way. It’s not just about business with 3rd Generation , they genuinely care about their clients, and have their best interests at heart! And that’s what makes them the best place to go!! Highly recommended!!- Jackie Roberts
John at 3rd generation home loans have been incredibly helpful every step of the way organizing our mortgage. Would definitely recommend!- Ben Daveson
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!
After remodeling, 74% of owners have a greater desire to be in their home, and 65% have increased enjoyment in their home.
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.
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!