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!
Being a first-time home buyer, the financial aspect can seem quite scary at first! Buying a home is easily one of the most expensive purchases you will make within your lifetime, so you want to make sure you’re doing it right. Well, we got it more than right by working with Simons & Leoni! Doug and his team are truly ROCKSTARS!! … Not to mention the amazing rate they were able to get us!!! We HIGHLY recommend Simons & Leoni if you’re in the market for a home loan!- Kawon H.
We closed on a property one week ago in the shortest period of time we have ever experienced from application to close. Doug Leoni, Tammie Thorne, Tom and Lorrie were a dedicated team that felt like they were working 24/7. The process was transparent, making our role clear from start to finish. The required data seems like it has grown, but the team we dealt with made it seamless and minimized any stress that can typically be part of securing a mortgage. I would recommend this team for anyone needing a mortgage, 100%.- Brian R.
110% would recommend to family/friends/anyone! We worked directly with Scott Simons and he made our entire home-buying process a breeze! My wife and I were first-time buyers so the whole process was foreign and new to us. Through the entirety of our time working with Scott, he was very professional and friendly, he always gave thorough responses to any question we had, walked us through the all numbers (numerous times) to ensure we were fully aware of our buying power/etc, and even help coordinate with our insurance agency to ensure we got the best rate/deal for our property! Scott (and his team) were amazing to work with! Again, I HIGHLY recommend Scott Simons to all!- Ivan R.
I was working with a different lender before being introduced to Doug and Anne at Simons & Leoni and can quickly summarize my experience: Before - one month of hell / After - two weeks of bliss! Outstanding firm! I'd give six stars if I could.- Gustavo L.
I just became a homeowner after 27 years. Eric Detert and Jennifer Nohrer were just fabulous professional people. They had my best interest and walked me through the process I had to walk through, from start to finish. I would recommend them anytime to anyone. They are great people!!- Susan B.
A huge THANK YOU to Wayne Spiwak and Anne Fisher for the awesome service they provide in securing mortgages made simple and seamless. We always feel confident we are making the right financial decisions given the individual, customized service they provide. Their attention to detail and thoroughness in the mortgage process is the reason we recommend them to all our family and friends. They truly are the best!- Coree H.
I want to sincerely thank Doug Leoni, Scott Simon and the team at Simons & Leoni. This is the second time in three years I have utilized Scott, Doug, Tom and the entire team to finance and re-finance a purchase. I quickly realized they are consumate professionals. If you are looking for a new loan or a re finance USE THIS TEAM! They will obtain the best rate at the lowest cost. Simply the best…….better than all the rest.- Steve H.
The team at Simons & Leoni were amazing! Nick, Cristina and Jennifer worked diligently to secure my buyer a loan for her new home. Huge thank you to everyone involved – would highly recommend!- Brian K.
The team was extremely responsive and answered my questions immediately. After the initial disclosure, they even found me a better option with a different lender. I’m extremely impressed and would highly recommend them.- Gordon D.
Where do I start. Cathy Miller and Jennifer Nohrer are simply my angels. My wife and I had been dropped by a lender and we thought we were going to lose our home but Cathy and Jennifer made it happen and they were always available for any questions and or calls I had. I wouldn’t recommend you go to anyone else because today 1/31 I’m closing on my first home all thanks to Cathy and Jennifer! God bless you both and the team at Simons and Leoni!- Sean B.
I can’t thank the Tampa team enough. What a great group of perfessonals. With all the issues going on, and set backs, they never stopped working. Thank you for working hard no matter the situation.- Travis W.
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.
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.
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!