If you are going to buy your first home, you may be wondering: “What is the best bank to buy a home in the United States?” We will help you get out of this doubt!
In this article, we will tell you which is the best bank to buy a house in the United States, regardless of your economic situation, your credit score, or your needs. Continue reading!
What should I take into account to choose the best bank to buy my house?
Before choosing a bank to buy your house in this country, you must understand your situation well and follow these steps:
If possible, strengthen your credit. A better credit score will allow you to access more convenient amounts. Study your budget. Lenders offer amounts based not only on your credit score, but also on your gross income, outstanding payments, and revolving debts (like credit cards, for example).
What is the best bank to buy a house in the United States?
By knowing what you need you can begin to consider options. These are some of the banking options we recommend:
New American Funding
New American Funding is a company focused on serving an important minority in the United States: immigrants.
But not only from his exercise but his explicit speech about the commitment to helping non-residents buy a home.
This company has expressed its mission to close the country’s racial gap, granting an approximate sum of $20 million to people of African descent by the year 2028. For an entity small in size (compared to a conventional bank), New American Funding offers a significant amount of home loans:
In addition, it offers home refinancing programs and HELOC, to explain it simply, it is like a line of credit, which is backed on your part by the home at a much lower interest.
We explain it in more detail here.
BANK OF AMERICA
- Lower down payments compared to other lenders (typically 20% on average).
- Minimum credit score of 620 points.
- Process time from request to delivery 30 to 45 days.
- Flexibility to apply online or in your offices.
- 4,300 offices in the United States.
- Lower interest rates.
- Discounts of up to $600 on closing costs.
Chase Bank
- Credit score of 620 (minimum).
- Competitive interest rates (they can be even lower than BoFA, depending on your situation).
- Closing times of up to 21 days.
- Options for clients with a tight budget.
- Options for customers with a low credit score.
- It has offices in 50 states in the United States.
- Discounts for bank customers.
Chase is also an incredible option if you are looking for a large and reliable bank in the United States.
Currently, Chase is one of the banks with the largest number of products in the country; among which stand out: credit cards, vehicle loans, debit accounts, checking accounts, commercial loans, etc.
However, Chase Bank’s most valuable asset is its DreaMaker mortgage, this program allows first-time buyers and low-income buyers the opportunity to purchase a home with a 3% down payment.
This feature makes it compete with programs such as BoFA’s “Affordable Loan Solution” or the state’s FHA and USDA loans.
Still, it stands out above other loans because it has no location limitations (no matter where the home you want to buy is), allows a DTI* ratio of up to 45%, has more flexible qualification requirements (such as a low credit score) and is a loan applicable to refinancing.
