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Your Home Run

It's time to make the big leap: Buying a home means many things, including a willingness to settle in one spot, an inclination to invest in property – and the ability to handle what is probably the biggest debt of your life. Out of all the elements that contribute to your home purchase, the mortgage is one of the most important. This home loan represents the money you need to borrow to buy the house, while the down payment represents the amount of cash you pay immediately. There are mortgages available for both high and low down payments, giving you many options to find a loan that's just right for your current financial situation. We may even be able to help with that part.

A home purchase loan should not be confused with a home equity loan. A home equity loan is available once you’ve paid on your home for several years and “own” some of the inherent value in it. They’re typically used for repairs, expansion, or renovation, although they’re not limited to those things. A home purchase loan, on the other hand, is exactly what the name suggests – a loan taken out to pay for part or all of the total cost of a home. You can apply for this loan at a traditional lending institution, like your local bank or credit union, through any number of online lenders, like those we curate here at Loanry, or from a private funding source, like the seller of the home itself or your wealthy in-laws.

There are many different types of home purchase loans. The most straightforward, and the one most likely to be familiar to many first-time home buyers, is the Conventional Loan. A conventional loan is arranged between yourself and a lender of your choice. It’s not arranged or guaranteed by a government agency like a FHA or VA loan. It typically carries a fixed interest rate, meaning the rate is locked in for the life of the loan. Payments are generally consistent (other than adjustments based on changing insurance rates or property taxes) and due at the same time every month for a pre-set number of months. (15 or 30 are the most common, but shorter or longer terms aren’t unheard of.) Conventional loans traditionally require at least 20% down, although this can sometimes be reduced or waived. Without a down payment, however, buyers are expected to purchase separate “private mortgage insurance” which protects the lender but adds to the total cost of the loan for the buyer.

The other common type of home loan is the Adjustable Rate Mortgage (ARM). As the name suggests, the interest rate of such loans is subject to periodic adjustment based on market forces. Generally an ARM begins with a lower interest rate “locked in” for the first five years, then subject to adjustment each year after that. Specifics vary based on the agreement between lender and borrower, however.

Homebuyers who qualify for FHA, VA, or USDA loans are often able to secure very good rates and lower down payments if approved. These favorable terms are possible because the government is guaranteeing the loan, making it a much lower risk for lenders. VA loans specifically target veterans of the U.S. military, making it fairly easy to determine whether or not you might qualify. FHA loans are designed for low-to-moderate income buyers, particularly if the home they wish to purchase requires substantial repairs or improvements. USDA loans are also known as “rural loans” and were created to support “rural” sections of the U.S. As it turns out, this is a fairly broad definition for purposes of these sorts of mortgages, so unless you live in a major metropolitan area, it’s worth looking into this option before you buy.

Other variations include Interest-Only Loans, Jumbo Loans, Balloon Loans, and Combo Loans – each something of a specialized financial structure for a relatively small number of homebuyers. Loanry has more information on all of these if you’re interested.

All Things Considered

It’s always exciting to purchase a new (or new-to-you) home, but it’s not always the best time – and not every method is the best method. Before you get too far in the process, there are a few things you might want to consider.

First and foremost, do you have enough reliable income to make a house payment in full and on time every month? The standard guideline for computing how much house payment you can afford is to keep it at or below 28% of your gross monthly income. This assumes your total for all debt payments (including a house payment) is no more than 40% - 45% of your pre-tax monthly income. These are guidelines, however. It’s entirely possible to qualify for a loan amount on paper which you have no business accepting or to compute a monthly payment amount that meets all the guidelines but you can’t realistically afford. It’s better to be honest with yourself now than get in trouble with your house payments. In addition to severely damaging your credit and potentially sending your account to a collection agency or pursuing legal action, you could quite literally lose your home.

Live your dream, but do the math first. Always.

Second, consider location and value. Price is tied to the quality and size of the house, but also to location, location, location. How close do you realistically need to be to work? What school district will this home put your kids in? What’s the market doing in and around this neighborhood, and what direction is it likely to go? The value of your home over time is of secondary interest to your family’s daily wants and needs right now, but it should still be a serious consideration.

Third, how long are you likely to stay? If chances are good you’ll be moving in five years or less, it might make more sense to rent a house or apartment. If your time in the area is shorter than that, it’s worth checking local laws regarding capital gains or other taxes on home sales. They tend to be higher if the home looks more like a “flip” than a residence.

Finally, what do you want in a home and what do you truly need? As you begin shopping in earnest, you’ll very likely discover any number of homes that meet some of your wants and needs, but rarely one that meets all of them. It’s useful to decide in advance with considerations are non-negotiables and which would simply be nice to have. If you can get all of your essentials and some of your desirables at a good price in the right location, you have a potential winner.

How Will My Credit Impact My

Home Purchase Loan?

Lenders determine the cost of your mortgage in a few different ways. First, they check your three-digit credit score. This operates as a sort of “snap shot” of your creditworthiness in the most simplified terms possible. Most will also look at your recent credit history – especially any past record of house payments, automobile financing, or other indications of your reliability when it comes to making substantial monthly payments over a long period of time.

Lenders also factor in what’s called a “loan-to-value ratio,” or LTV. The LTV is essentially the amount of the loan being requested divided by the value of the home, which is usually very close to the total purchase price (although technically it can refer to the appraised value of the property instead). The higher the LTV, the more risk to the lender, particularly since it’s conceivable that at some point the balance remaining on the loan could exceed the actual value of the home. The most common way to improve loan-to-value ratio is to make a down payment of 10% or 20%. In addition to improving the math, most lenders take this as an indication of financial security and responsibility and feel better about lending the rest.

Your current and recent income are important factors as well. You’ll want to be prepared with documentation of your employment and all income sources. Any current debt is an additional consideration. Lenders want to know you can afford to make your house payment, making your debt-to-income ratio important to them. Even if you’re purchasing a home with bad credit, documenting your ability to pay and even a modest window of recent financial reliability may help your application substantially.

The better your credit score and the more impressive your credit history, the better terms you’re likely to be offered and the lower the interest rate you’ll be able to negotiate on your home loan. Even with the home itself acting as collateral, which helps keep interest rates manageable, lenders charge more for taking greater risk. The most obvious manifestation of this is interest rates, but it also impacts various up-front fees and may determine the nature of late penalties or other optional charges along the way.

Loanry® is here to help you get your Home Purhcase Loans


Why Loanry?

A home purchase loan is a big deal. It’s always been a big deal, but not all of the rules about how to shop for a mortgage which may have applied in the 20th century are still true in the 21st. The abundance of online lenders available today can be both a blessing and a challenge. On the one hand, the explosion of options means lenders are forced to compete for your business rather than you being forced to beg for their approval. On the other hand, it can be overwhelming to search through the hundreds of financial entities out there, all making promises and speaking lingo, without a little help from someone able to sort the proverbial wheat from the chaff.

You should absolutely shop mortgage lenders for the best terms available to you. Wherever else you look, however, include Loanry on that list. We maintain a carefully curated database of reputable online lenders. Because of how they’re designed, many are able to offer some seriously competitive terms, while others specialize in assisting borrowers with challenging circumstances. There are even a few who pride themselves on working out home loans for bad credit for first time buyers, which not only helps you get that house you want, but establishes an important foundation for building or rebuilding that credit towards next time.

We’re here 24/7 whenever you’re looking for information about home loans or anything else related to your personal finances. On your desktop, laptop, tablet, or phone, our online libraries, loan computation tools, and application forms are intentionally easy to use and ready when you are. Curious about different types of mortgages? We’ve broken down each one into plain language. Need tips about purchasing a home with bad credit? We know all about that world.

Our goal is to give you the information and provide some opportunities. The big decisions, as always, are entirely up to you. We can’t make purchasing a home completely quick or easy, but it shouldn’t be made harder than necessary either. And you don’t have to figure it out alone.


Buying a home is an amazing chance to start fresh in so many ways. Whether the move is prompted by a new job, new opportunities, or simply the desire to see a different part of the world, for most of us, living somewhere new is one of the biggest changes in our lives. Right up there with it is actually buying a home. However near to or far away it is from where we were living before, purchasing a home is one of the biggest financial decisions we’ll ever make. For many of us, it’s the largest amount of debt we’ll ever owe at one time and the single greatest investment we’ll ever be able to claim.

“In for a penny, in for a pound” the old saying goes. Since life is changing so dramatically anyway, this is the perfect time to reboot (or create) your household budget and consider it before every new financial choice you make. This is the ideal time to look at shaving that cable bill or renegotiating your cell phone plan. This is a great chance to decide what services or subscriptions you really need and which ones you could live without if it meant paying down some of your existing debt.

In the same way the interest rates and other terms available to you as you purchase this home are largely shaped by your credit score and recent credit history, everything you do from this point forward shapes them in turn. This is a HUGE opportunity to strengthen your credit history and raise your credit score simply by making your payments on time, every time, whatever it takes. We live in a linear reality; we can’t go back to fix what might be broken or change what should have been different. But you have today, and every day hereafter, to take a few steps at a time in any direction you choose.


At Loanry, and across the Goalry family, we’re glad to help you sort through your home purchase loan options or shop mortgage lenders or make sense of daily mortgage rates. And of course our track record connecting borrowers to online lenders for everything from quick cash loans to manage short-term emergencies to purchasing a home with bad credit leaves us blushing ever-so-slightly from all the nice things people just like you say about us afterwards.

But Loanry and the rest of the Goalry family is about more than that. We offer a complete “content mall” of related sites –,,,,,,, and of course and Each comes with a library of informational blogs about a range of related topics, along with online tools and resources available on any connected device, whenever you choose.

Our goal is to simplify the worlds of personal and small business finance and help you take control of your finances – and through them, your future. It’s not always going to be easy, but it doesn’t have to be as difficult as it sometimes seems. And you don’t have to do it alone.

We’ll never tell you what to do, or charge you for visiting. What we will do is break down different types of small business loans, or things to consider when looking for a new credit card, or ways to reduce your utility bills without sacrificing normal living. We want you to have a safe place to find out what CDs are and how they’re different from Mutual Funds, or get better prepared to buy your first home by walking through common scenarios and terminology in advance.

In short, we believe in arming you with knowledge. So, where would you like to go next?


Did You Hear?

“The ache for home lives in all of us, the safe place where we can go as we are and not be questioned.”

Maya Angelou (American Poet, Author, and Civil Rights Activist)

Educate Yourself

Home Purchase Loans

That Will Make You Glad You Purchased

Maybe you already know as much as there is to know about how to shop for a mortgage, what goes into a home purchase loan, how different mortgages are structured, how daily mortgage rates affect your loan, and all the terms and terminology you’re likely to have thrown at you throughout the process. If so, that’s great – let’s help you shop mortgage lenders so you can keep things moving!

Otherwise, here’s a brief overview of different types of mortgages, tips on purchasing your own home, and of course some plain, simple English explanations of essential terms and terminology. We’ll talk you through loan-to-value ratio, pre-approval, and the key steps to getting yourself a home purchase loan. We even have a few tips on purchasing a home with bad credit.

Home purchase loans give you the opportunity to make what for many of us is the single largest purchase of our lives. Let us help you make it as cost-effective and painless as it can be.

Explained in 3 easy steps

How all of
this works?

It all starts with a simple loan request that takes a few minutes to complete.

We provide that information, at your request, to participating members who might be able to able to assist you with your financial needs. Many lenders transfer funds to your checking account as soon as the next business day.


Step 1

Start Loan Shopping

Tell us things like who you are and how much money you need.It only takes minutes.

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Step 2

Find Lender

The Loanry® Store may help you find a lender interested in your loan request.

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Step 3

Check out

Funds are deposited directly to your bank account as soon as the next business day.

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Pros and Cons of a Home Purchase Loan

You’re ready to take the leap and become a homeowner. What should you consider before committing yourself long-term?

Pros: Build Good Credit

A mortgage is one of the strongest ways to build good credit over the long-term, especially if you have a limited or rocky credit history prior to buying your home.

Pros: Build Equity

Your mortgage payments build your equity in the home – the value you own and can draw on over time. It increases your net worth and gives you as source of wealth to borrow against.

Pros: You Have A Home

This one should be obvious, but don’t overlook the miracle. The modern structure of home loans allows normal people with average incomes to purchase permanent homes beyond the wildest dreams of any but the wealthiest individuals in mankind’s history.

Cons: Long-Term Commitment

A home loan commits you to a substantial debt for a number of years, often decades. This can mean sacrificing a great deal of flexibility in your life.

Cons: Major Expense

Buying a home can be more expensive than renting an apartment or other less permanent living arrangements. In addition to your house payment, you’re responsible for utilities, repairs, lawn care, and all of life’s necessities.

Cons: Potential Difficulty Qualifying

If you’re a first-time homebuyer, or if you have a limited credit history or poor credit, getting decent terms can be challenging. Look into alternatives like VA, FHA, or USDA loans, or consider using a co-signer.

See FAQs

Find answers to some of the most commonly asked questions here

We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


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  • The selection of a third-party purchaser to acquire your information may be determined by a comparison of your registration information with available loan products. Lenders consider a number of factors when assessing your request.

  • We are not a lender, loan broker or agent for any lender or loan broker. We are a marketing lead generator and FREE advertising service designed to provide you with quick and convenient access to third-party lenders.

  • Your lender is legally required to provide you with loan documents, and disclose the terms of your loan, including rates and charges. Each lender has its own terms and policies. Be certain to evaluate all applicable terms and conditions of loan offers before making a decision.

  • The position of each potential purchaser may also be determined by the price the purchaser is willing to pay for the information (e.g., the higher the price, the better the purchaser’s position). There is no guarantee that you will be accepted by a lender, and we do not endorse any lender.

  • Third-party lenders may perform credit checks with credit reporting bureaus or obtain consumer reports, typically through alternative providers to determine credit worthiness, standing and/or credit capacity .

  • To prevent unauthorized access, maintain data accuracy and ensure the correct use of information we gather online, we store your personally identifiable information in a database on secure systems. We have put in place physical, electronic and managerial security procedures to protect against the loss, misuse and alteration of the information under our control.

  • Funding times may vary. Not all consumers will meet the lending criteria to qualify for a loan.

  • In the State of California, Loanry, LLC is licensed by the Department of Business Oversight pursuant to the California Finance Lenders Law. Loanry’s California license #60DBO 66864 can be viewed by clicking the image on the left.

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