Mortgage & Financing Information
Understanding your financing options is a key part of the home buying process—and at Empire, we’re here to make sure you feel confident every step of the way. Whether you're a first-time buyer, upgrading to your dream home, or investing in property, getting pre-approved and knowing your loan choices can make all the difference.
Why Financing Matters
Getting your finances in order early helps you:
- Know exactly what you can afford
- Make stronger, more competitive offers
- Avoid delays once you’ve found the right home
- Stay within your budget and plan for long-term success
Getting Pre-Approved
Before you begin house hunting, we highly recommend getting pre-approved by a trusted lender. This process reviews your income, credit score, and financial history to determine how much a bank or lender is willing to lend you.
Benefits of Pre-Approval:
- Shows sellers you’re a serious buyer
- Helps narrow your home search to what fits your budget
- Speeds up the closing process
Need a recommendation? We partner with experienced, reliable lenders who are happy to walk you through your options.
Common Loan Types
There’s no one-size-fits-all mortgage—here’s a quick overview of some popular options:
- Conventional Loans - Great for buyers with strong credit and stable income. These loans typically require a 5–20% down payment and offer flexible term lengths.
- FHA Loans - Ideal for first-time buyers, FHA loans offer lower down payments (as low as 3.5%) and more lenient credit requirements.
- VA Loans - Available to eligible veterans, active-duty service members, and some military spouses. VA loans offer zero down payment and favorable terms with no private mortgage insurance (PMI).
- Jumbo Loans - Designed for high-value homes that exceed conforming loan limits. Perfect for luxury buyers or those purchasing in competitive markets.
- Adjustable-Rate Mortgages (ARMs) - ARMs offer lower initial interest rates that adjust after a set period. Best for buyers who don’t plan to stay in the same home long-term.
Down Payment & Closing Costs
Depending on your loan type and financial situation, your down payment could range from 0% to 20% or more. In addition, you'll want to budget for:
- Closing costs (typically 2–5% of the purchase price)
- Home inspections and appraisals
- Escrow and title fees
- Prepaid taxes and insurance