VA Home Loans Available Through Iowa Mortgage Lender
November 29, 2021 at 18:22
Urbandale, IA based Louie Wickett - Mortgage Lender is currently helping veterans and other parties finance their dream home in the state of Iowa. Wickett, who has a great deal of experience working with residential properties of all kinds, specializes in helping veterans and first time homeowners alike buy a home that meets all their needs. Learn more about purchasing a home in Urbandale and the rest of Iowa at the following link: Homes For Sale Urbandale Iowa.
Louie Wickett acknowledges that two factors are making it incredibly difficult for home buyers to find property that is both affordable and fulfills every one of their practical requirements. For one, people in Iowa (and others across the US) have spent around two years grappling with unemployment, inflation and more as a result of fallout from the Covid-19 pandemic. The other factor is that houses are in high demand, so the market is incredibly competitive. While this may not matter to those with the financial security to weather such events, Wickett and his peers understand that many people will be quite vulnerable to these conditions, potentially making it nearly impossible for them to find a home.
In response to this, Wickett and his team have dedicated themselves to helping people who are in great need. Part of the issue, he explains, is that those looking to buy are very unlikely to have much experience navigating their local real estate market. In turn, this makes it difficult for them to decide on a price range that is reasonable for their circumstances — especially factoring in what they can afford, what they ultimately need from the property and how to compromise between these points. Having been in the mortgage industry for the better part of a decade, he firmly believes that educating his clients on the subject is an essential step in ensuring they make the right choices in the home buying process. This may be most true for a first time home owner whose inexperience may even lead to them being taken advantage of.
How much a buyer can afford is often the first question they have when looking for a home, with good reason. Wickett says that this question should ideally be answered early in the process, else it could leave the buyer open to making rash decisions that could haunt them for years to come. The problem here is that many tend to think solely of the size of the monthly mortgage payment when deciding whether a property is affordable. The truth, however, is more complicated.
Some examples of financial obligations that buyers tend to overlook include taxes, mortgage insurance, homeowner’s insurance and so on. Wickett says that some may even forget to account for how much of a down payment they will be able to put towards their mortgage. This is already important to consider given that a bigger down payment can reduce the size of each monthly payment. However, it must also be pointed out that mortgage insurance is tied to the amount that is put down. As a result, mortgage insurance could raise the monthly payment.
In a situation where the buyer is able to put down less than 20% of the home’s value, they will likely have to pay for mortgage insurance (with the exception of those who qualify for VA assistance). Therefore, should they be able to offer a larger down payment, Wickett says this may indicate that they can afford a more expensive home. Conversely, should they not be able to make a larger down payment or keep up with bigger monthly payments, Wickett’s advice is to consider the house in question outside their budget.
There are many other factors to consider when financing a house, and Louie Wickett is pleased to help his community learn about them all. While more information on the subject can be found on the mortgage company’s official website, Wickett invites veterans, first time homeowners and even current homeowners looking to refinance their home (for cash or better rates) to reach out to his office directly to explore their options with an expert’s help. Louie Wickett and his valuable advice can also be found on Youtube.
For more information about Louie Wickett - Mortgage Lender, contact the company here:
Louie Wickett - Mortgage Lender
2370 Northwest 128th Street
Urbandale, IA 50323