options of financing dental work

After paying several thousands of dollars on the root canals on my upper teeth, my dentist told me that they had to be pulled. He told me that the dentist that did the work didn't do it properly and that all of the teeth were infected. After I collected myself, we started discussing the cost of the extraction procedure and the cost of the dentures. I knew I couldn't pay for all of that out of my pocket and he explained the dangers of allowing dental infections to fester. I quickly learned about financing dental procedures. If you are in a similar situation, go to my site to learn about your options of financing dental work.

Helpful Tips To Prepare You For Your Mortgage Loan Search And Application Process


The process of buying a home begins with getting your financing in order. You will need to apply for a loan and prepare all the necessary documents and information for the underwriter and the loan requirements. Here are some helpful tips to prepare you for what you will need to know about the mortgage home loan process.

Look For a Conforming Loan

When it comes time to apply for your home financing to start off your search for the right property, there are many types of financing available, each with their own terms and requirements. A conforming loan is one of the more popular types of loans and is more common, and one of the biggest benefits of applying for a conforming loan is the interest rate. You can usually find a lower fixed interest rate when you apply and get approved for a conforming loan. 

A conforming loan is one that follows the guidelines of Freddie Mac and Fannie Mae and is usually a lower risk loan, which makes the mortgage bank able to offer it to you at a lower rate. But when you apply for a conforming loan, there will be specific credit and income requirements, specifically a FICO score of at least 620 or more. 

However, keep in mind that a conforming loan has a maximum loan amount that you can borrow to purchase your home, which can change from year to year. In 2019 the conforming loan limit for one-unit properties was $484,350. If you want to buy a larger home that is outside of the conforming loan limit, you may have to look at acquiring a jumbo loan with a much higher interest rate or apply for two separate loans, one conforming and one non-conforming in order to tap into some of the conforming loan's benefits of a lower interest rate.

Understand the High Balance Conforming Loan

Some areas of the country have real estate prices that are much higher than around the majority of the United States, such as in California, Alaska, Hawaii, and New York. In this situation, you can still qualify for a conforming loan and its great benefits when you meet the credit and income criteria. Look for a high-balance conforming loan, which will lend you more than the limit of $510,400 but not any more than $726,525, which is the high balance limit.

Calculate Your Down Payment Requirements

Whichever type of financing you select and qualify for, understand what the loan's down payment requirements are. Each loan will have a different requirement, some as much as ten percent or as little as three percent. Talk to your lender about what the lending down payment requirements are for your loan so you can be sure to have it ready to put down when you close on your property purchase.

For more information on conforming loan programs, reach out to a loan lender near you.  


16 June 2020