3 Reasons a Reverse Mortgage Is Great for Seniors

October 13, 2020 by Cindy Steelman

Reverse Mortgage In Roseville Sacramento And Throughout California

Saving for retirement can be quite a challenge, especially when you’re already a senior. If your monthly income consists of Social Security, there’s a big chance that you’re struggling to make ends meet. Although it’s a much-appreciated benefit, it’s hasn’t kept up with the rate of inflation. As healthcare costs continue to skyrocket, it’s become tough to survive as a senior American.

However, as a senior, you probably own a home, which can be a valuable income source. You can sell it and use the money to support yourself and your living expenses. Although you’ll need a place to live, getting a reverse mortgage in Roseville can take care of that.

What’s a Reverse Mortgage?

A reverse mortgage is a type of loan except that you won’t have to make any payments as a homeowner. Instead, the lender pays you every month, and you choose how to receive the payments. However, you pay interest on the money you receive, which mixes in with the loan balance, so you don’t need to pay anything right away. The entire loan balance becomes payable when you move, sell your home, or pass away.

To qualify for a reverse mortgage, you need to be at least 62 years old, reside in the home as your primary residence, and keep up with your homeownership expenses. That means you have to continue paying property taxes, maintaining your property, and keeping homeowners’ insurance.

Here are three reasons you’ll benefit from a reverse mortgage:

Your Credit Score Won’t Matter. Many borrowers who are in dire need of money struggle with low credit scores. Financial institutions and lenders generally prefer people with solid credit scores, which makes borrowing affordably a challenge. Luckily, if you need the money and don’t have the ideal credit score, a reverse mortgage is a great solution. It doesn’t take your credit score into consideration, which is a massive relief for many borrowers. All you need is to have equity in your home, and you’re probably going to get that approval.
You Can Use It for Anything. If you need additional support in paying for your necessities like food, electricity, and heat, a reverse mortgage makes that possible. However, if you have other expenses that don’t have anything to do with your home, like taking care of a pet, you can use your reverse mortgage for that, too! There aren’t any limits to what you can use a reverse mortgage for, especially if you have a wide variety of expenses. You can use it to upgrade your appliances, support your hobbies, or even travel.
You Don’t Need to Repay It Right Away. Unlike home equity loans, which are similar, you won’t have to pay back your reverse mortgage right away. Home equity loans require you to pay immediately, but with a reverse mortgage, you pay it only when you move, sell your property, or pass away. In the latter case, your heirs can take care of that for you, leaving you stress-free. These are incredible benefits that are difficult to find in any other kind of loan. Without the pressure to repay your loan, you can focus on sustaining yourself and taking care of your home.

Steelman Mortgages is Your Reverse Mortgage Broker in Roseville

Getting a mortgage in Roseville is complicated when you have a low credit score, but a reverse mortgage changes the game. It’s a great way to help you stay in your home during your retirement, helping you live comfortably and safely. With these three reasons, you’ll want to consider a reverse mortgage.

Are you looking for a mortgage broker in Roseville to consult about getting a reverse mortgage? If so, you’ve come to the right place! Steelman Mortgages provides home buyers and homeowners with personalized mortgage services that make the process smooth, simple, and enjoyable. We offer jumbo loans, FHA loans, first time home buyer loans, reverse mortgages, and many more! Call us today at (916) 847-7263, to see how we can help you!

3 Important Mortgage Tips for First-Time Home Buyers

October 6, 2020 by Cindy Steelman

When buying a house for the first time, you need to secure the best mortgage deal. Doing so will grant you the immediate funding you need and start your new life as a homeowner. But what should you know before you go around looking at different mortgage deals?

This article will orient you on the basics of mortgage acquisition and what you need to know so that you can pay it off easily. The main goal here is for you to buy a home successfully and reap the benefits of saving and investing in your housing dreams. Consider this article as an investment in your family’s future.

Compare mortgage interest rates

As a first time buyer, it’s natural to feel like you should jump at any offer that you see. However, you need to be smart and decisive about your mortgage. Doing so will help you find the best one that you can afford and enable your family to adjust and live comfortably under a new roof.

You need to compare different mortgage interest rates and the allowable loaning capacity to maximize your resources and finance a livable future. Remember, your new home is an investment, and you need to be able to pay other things as well, like moving-in expenses, daily living costs, and other financial obligations.

Consult with a professional mortgage lending company that can offer you the best loans and interest rates suitable for your budget and current income. They can also provide numerous options for payment and other terms to help you conveniently pay your mortgage.

Take advantage of your mortgage lending company’s professional connections and expertise in the property acquisition process. In doing so, you can easily find the best mortgage for your housing needs.

Maintain a good credit score

You need to maintain a good credit score because it will define how much mortgage lenders are willing to offer you in terms of interest rate and loaning capacity. You will also need to maintain your good credit score to find other financial opportunities, like in your relationship with your local bank.

As such, be sure to check your credit score and look for possible mistakes. Practice good financial behavior, like paying your credit card bills on time, to maintain your good credit score. You can also speak with your mortgage lending company to find the best mortgage deals to maximize your credit score.

Secure a down payment

You can build a good relationship with your mortgage lender when you can secure a down payment. Most mortgage lenders prefer having a down payment since it is an indicator that you can pay and are committed to meeting the mortgage requirements. You can also find more budget-friendly mortgage deals with reasonable interest rates.

Consult with a professional mortgage lending company about down payments and how much is a suitable amount for your house purchase. You can also look into your current savings and how much you need to impress the right lender. Doing so will help you maximize your resources and pay your mortgage easily because it gives you a proper head start.

Buying your First Home with Steelman Mortgages

Your top priority as a first-time homebuyer is securing a viable mortgage that you can work with for a considerable length of time. Doing so will allow you to fund your housing dreams easily. Consider the previously mentioned tips to fulfill your house purchasing dreams today!

Steelman Mortgages is your professional mortgage lending company in Roseville committed to guiding first-time home buyers like you and other aspiring homeowners. We have different mortgage solutions that are suitable for your convenience and home financing dreams. Contact us today at (916) 794-9783 for your mortgage needs.

What to Look for in a Roseville Mortgage Broker

September 9, 2020 by Cindy Steelman

What can you expect from the mortgage process in Sacramento or Roseville? The answer to that question hinges a great deal upon the broker you choose to work with.

The right mortgage company can make the home purchase or refinance process a fast and easy one. But how do you find the right broker? Here are some recommendations for what to look for when you are making your selection.

Qualities of a Good Mortgage Company

An established network. Both the types of loans and the rates which a mortgage broker can bring you depend on that broker’s network. A larger, more established network allows a broker to connect you with a wider variety of loan products, and may also assist them in bringing you more competitive rates. Steelman Mortgages is based in Roseville, but we work with lenders throughout Sacramento, Placer and El Dorado counties, and beyond.
Local knowledge. You will have the smoothest experience working with a mortgage company that understands your needs and goals, and that means being familiar with the real estate market you are trying to navigate. Steelman Mortgages works with customers throughout the California, but we focus particularly on serving those in the Sacramento and Roseville region. Since we are based here, we know the area well, and can help you navigate the local market, connecting you with the products and services you need.
A variety of loan programs. Homebuyers all have different needs with respect to down payment amounts, credit qualifications, rates, loan terms, mortgage insurance and more. A mortgage broker that can connect you with many different types of loan programs can help you find the one which is the best fit for your individual needs. We offer conventional loans, jumbo loans, FHA, USDA and VA loans, bank statement loans, and mortgages for first-time homebuyers.
A personalized loan process. Speaking of bank statement loans, not every homebuyer can use the cookie-cutter application process that the big banks offer. What if you are self-employed or own your own business? What if you do not have a W-2? A mortgage broker that offers bank statement loans will not require you to provide a W-2 when you apply. By offering bank statement loans as well as traditional loans, Steelman Mortgages tailors the lending process to your situation.
Education. A mortgage company should put your best interests first, which starts with making sure that you understand the different types of loans and how each of them could impact you financially. Steelman Mortgages helps you make informed decisions by answering your questions and giving you in-depth, transparent information about mortgages and the mortgage process.
Simplicity. The mortgage process does not have to be a complicated one when you work with a California mortgage broker that makes it simple. One of our priorities at Steelman Mortgages is streamlining the mortgage process and removing unnecessary clutter. By doing so, we make it pleasant and enjoyable to purchase a home, and we speed up the process so that you can close rapidly.
Amazing communication. One thing you won’t get from the big banks is continuous personalized communication and support throughout the mortgage process. But that is something you should look for when you are choosing a mortgage company in Roseville or anywhere in CA. Cindy Steelman answers her calls personally and provides regular updates to customers throughout the mortgage process. If she is on another line, she gets back to customers fast.
Ongoing support. A mortgage company shouldn’t just be there for you today—they should also be there for you tomorrow and every day after for the lifetime of your mortgage. Steelman Mortgages will always be here for you if you have a question or want to make a change to your mortgage later down the road.

Buy a Home or Refinance With Steelman Mortgages Today

Are you ready to make the mortgage process an easy one? Buy a home or refinance in CA the fast, simple way with your Roseville mortgage broker Steelman Mortgages. To schedule your consultation, call Cindy Steelman today at call (916) 847-7263.