What Type of Loan is Best for My Situation?

Are you planning on buying or refinancing your home, remodeling your current one, or looking to invest in a rental property? If so, you’ll probably need a loan of some kind. With so many options available, it can be overwhelming and challenging to determine what type of loan is best. In this blog post, we will dive into the different types of home loans offered by American Home Loans and help you discover what option may be the most beneficial for your unique situation.

What is the Best Type of Home Loan to Get? 

 Compared to other home mortgages, conventional loans provide Utah homebuyers with a wider variety of options for their financing needs. What’s more, buyers can set up financing options that meet both their short-term and long-term needs, making it specific to property ownership plans. With wholesale pricing rates, reduced or even no closing costs programs available, and up to 97% of home value with no mortgage insurance programs, a American Home Loans  Conventional loan is a great option for those looking for a mortgage loan. Additionally, American Home Loans also offers Purchase Loan options for individuals with low credit—learn more about our offerings here

What Type of Home Loan Is Best for Investment Property? 

Investment property loans from American Home Loans can finance the purchase of residential, rental, and vacation properties. Additionally, if you already own a home, you can use your current equity to finance the purchase of any additional properties. We offer competitive benefits such as financing up to 90% of value with scores of 620+, the ability to lend up to 95% of future appraised value on renovation loans, and financing up to 10 properties.

What Type of Loan Is Best for Home Improvements?

Looking to give your home a much-needed facelift, add a pool to the backyard, or expand your home’s layout to accommodate a growing family? No matter what home improvements you want, American Home Loans has got you covered with our remodel loan options. Our Remodeling Loans allow you to borrow up to 95% of the future appraised value of your home, making it one of the best loans for home improvement. Even if you have bad credit, we have loans for home improvement with bad credit. With no Private Mortgage Insurance (PMI), your payments will be minimal, giving you the funds to make your current home something that you’ve always dreamed of. 

Frequently Asked Home Loans Questions

At American Loans, we are proud to have helped thousands of Utahns find financing for their dream home. As some of the best for home loans in Sandy, Utah here are some of the most commonly asked questions we receive:  

  • Do I have Excellent Credit or Not so good currently? What loan type would be best for me? 
  • Is any of my income from Self-Employment? Can I still buy a home if I show low income from my business? 
  • Can I buy a Home with a Credit Score of less than 580? Yes!
  • Can I refinance and pay off all my debts if my credit score is below 500? 
  • Can I buy a home if I don’t have any money for a down payment?
  • Can I buy a rental property using the rent to qualify as income? 
  • Can the seller pay for my closing costs without affecting his proceeds? 
  • Can I buy a home during my divorce proceedings? 
  • Can I buy a home with an ITIN or work permit only? 
  • When should I refinance, do I have to pay closing costs again? 
  • Can I get a large loan to remodel my home? 
  • Can I cosign on a home for my children but only for a few years?
  • Is a Reverse Mortgage good for me, can I buy a home and not have payments using a Reverse Mortgage? 

YES IS THE ANSWER TO MOST OF THESE QUESTIONS. Please contact us and we will find the loan that best suits your situation. 

Contact American Loans for More Information 

Why is American Home Loans so much better than most mortgage companies?  We’ve been in business helping Utahns for over 31 Years. Our rates are so competitive that employees from other banks and credit unions come and take their home loans at American Home Loans. Why? Our team is not only experienced but we DO NOT charge origination fees, points or junk fees. Origination fees are the highest cost of your home mortgage. Our rates have always been the most competitive, and we always invite you to compare. And since we never hire loan officers with less than 5 years of experience in the business, you can rest assured you’re getting the best of the best. 

Are you ready to finally take the leap and invest in your home? Maybe it’s time to finally tackle that kitchen renovation you’ve been dreaming of, or perhaps you’re looking to purchase a rental property. Whatever your goals may be, American Home Loans is here to help. Our team of experts will work with you to understand your needs and provide a personalized quote for home improvement, mortgage, or investment loans. With our help, you can feel confident in making the right financial decisions for your future. Don’t wait any longer—contact us to get started.