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