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  • Writer's pictureNaason Valadez

ALTA HOMES: Guide to Home Buying

A new modern home for sale in Houston Texas

Congratulations on starting your journey to buy a home! It's a big step filled with excitement and, admittedly, a few complex terms. But don't worry, we're here to break it down into bite-sized pieces and make it as friendly and straightforward as possible.

Interest Rates: Why They Matter

Think of the interest rate on your mortgage like the price of renting money. It's a small percentage of your loan amount that you pay back in addition to the original sum. Lower interest rates mean lower monthly payments, so it's something to keep a close eye on!

Builder Interest Rate Buy Down Programs: A Quick Overview

Some builders, like Alta Homes, offer special programs to reduce your interest rate for the first few years (or all!) of your mortgage. This means your initial payments could be lower, making it easier to adjust to homeownership. It's definitely worth asking about how Alta Homes can save you thousands in the long run!

Picking the Right Mortgage Loan

There are several types of loans out there, but here's a quick snapshot:

  • Fixed-Rate Mortgages keep your interest rate the same throughout.

  • Adjustable-Rate Mortgages (ARMs) might change your rate over time, usually starting lower.

  • Government-Insured Loans (like FHA, VA, or USDA) are helpful for specific buyers, such as veterans or first-time homeowners.

  • Conventional Loans are not government-backed and might require a bit more upfront but offer flexibility.

Questions are Your Best Friend

Never hesitate to ask your Alta Homes Sales Representative questions. Here are some starters:

  1. What mortgage option fits my budget best?

  2. Are there any interest rate buydown programs?

  3. How many closing costs does Alta Homes provide?

  4. What's the timeline from contract to keys?

  5. What kind of warranty does Alta Homes offer after I move in?

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