Loan options · Michael DuBois
Purchase loans, explained clearly
A purchase loan finances a home you plan to buy. Michael helps you compare the payment, cash needed at closing and loan structure before you commit to a direction.
What should you decide before shopping for a home?
Start with a comfortable monthly housing budget, not only the maximum loan amount. Include property taxes, insurance, possible association dues and mortgage insurance in the payment conversation.
Think separately about the down payment and the cash you will need at closing. A Loan Estimate lets you compare charges, rate choices, lender credits and the projected payment on a consistent form.
Which loan path fits the property and the buyer?
A primary home, second home and investment property may be treated differently by lenders. FHA, VA and conventional options also have different eligibility and cost structures; qualification depends on the full application.
If this is your first home, ask whether a state or local assistance program applies to the property. Programs have their own income, purchase-price, education and funding rules.
What happens after you are ready to move forward?
Talk through your plans, request written estimates, review the terms and only then choose the loan approach that makes sense. Michael can help you identify what documents a lender will request, without asking you to upload sensitive records through this website.
Questions about purchase loans
Do I need 20% down to buy?
Not necessarily. Down-payment requirements depend on the loan and your qualifications. Compare cash-to-close and monthly costs rather than relying on a single percentage.
Does prequalification guarantee loan approval?
No. A preliminary conversation is not a loan commitment; final approval depends on verified financial information, the property and lender underwriting.
Can I compare more than one Loan Estimate?
Yes. Compare the same loan amount and term, and pay attention to interest rate, monthly payment, upfront lender charges and cash to close.
Can I buy an investment property?
Investment-property financing is available through different programs. The property, income, cash reserves and loan structure can change what is appropriate.
When should I discuss closing costs?
Before making an offer if possible. The Loan Estimate and purchase contract help identify your expected costs and whether credits are available.
General education: CFPB: Compare Loan Estimates. Program terms, rates and eligibility must be confirmed for the individual borrower and property.