Change Home Mortgage

Change Home Mortgage rates based on a borrower’s creditworthiness and the current mortgage rate average. You might not have control over the current market rates, but you can put your best financial foot forward before applying for a home loan.

Here are a few factors that can help you get the lowest rate:

• A high credit score: Buyers with higher credit scores will receive the best annual percentage rate (APR).
• A large down payment: Not every loan type will require 20% down, but putting that amount down can eliminate private mortgage insurance (PMI) costs.
• A low debt burden: Lenders know that debt is a reality, but keeping your debt load under 28% will show you are financially stable.

Change Mortgage helps both traditional and nontraditional borrowers get a mortgage loan. To start the application process with Change Mortgage, you will choose one of its advisors. This advisor will help you select the right home loan, start the application process and submit the necessary documentation.

Change Mortgage can connect buyers to many programs that make homeownership a possibility. These programs include:

• Fannie Mae HomeReady and Freddie Mac Home Possible: These loans are ideal for low- to moderate-income buyers, with the option to put 3% down.
• VA loan: Qualified military-connected buyers can finance up to 100% of their home purchase with less restrictive qualifications.
• FHA(b) loan: Eligible homebuyers can put as little as 3.5% down and have their fees and closing costs rolled into the loan.

For nontraditional borrowers, such as those who identify as freelancers, gig workers or small business owners, Change Mortgage has unique offerings to help you meet loan requirements:

• Alt-Doc Program: This program enables borrowers to show asset depletion and/or bank statement submissions to qualify for a loan.
• Foreign National Program: This program is for nonresidents who hold a temporary residency visa and want to purchase a second home or investment property.

For the traditional borrower, who can prove a steady income from an employer, there are several conventional and government-backed loans available, including:

• Conventional loans
• FHA loans
• USDA loans
• VA loans
• Bridge loans
• Jumbo loans
• Mortgages for those with nontraditional income documentation
• Reverse mortgages

Refinancing

Refinancing can be a good choice if you want to lower your interest rate, change your mortgage term or access home equity. Change Mortgage offers refinance options through its mortgage advisors.

Each type of loan offered through Change Mortgage has its own requirements. For example, government-backed loans have lower down payment requirements.

Increase your chances of home loan approval by knowing how much home you can afford before you apply. Additionally, a good credit score and low debt burden will make you less of a risk in the lender's eyes.

National mortgage requirements by type

Buying a home costs more than the list price. Expect to pay closing costs in addition to the purchase price. Closing costs tend to range from 2% to 5% of the purchase price. Closing costs might include:

• Appraisal fees
• Inspection fees
• Lender fees
• Title fees
• Recording fees
• Insurance and taxes