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FHA vs. Conventional Loans: Which is Right for You in 2026?

Written by Altitude Home Loans on . Posted in General.

Choosing between an FHA loan and a conventional mortgage is one of the most important decisions you’ll make when buying a home. Both programs have distinct advantages depending on your financial situation, credit profile, and long-term homeownership goals. Here’s everything you need to know to make the right choice in 2025.

What’s the Difference?

FHA loans are government-backed mortgages insured by the Federal Housing Administration. They’re designed to help borrowers with lower credit scores or smaller down payments become homeowners.

Conventional loans are not government-insured and follow guidelines set by Fannie Mae and Freddie Mac. They typically require stronger credit and financial qualifications but offer more flexibility and potentially lower long-term costs.

Credit Score Requirements

One of the biggest differentiators between these loan types is the credit score threshold.

FHA loans allow borrowers to qualify with a credit score as low as 580 for a 3.5% down payment. Some lenders may even approve borrowers with scores between 500-579 if they can make a 10% down payment.

Conventional loans typically require a minimum credit score of 620, though most lenders prefer 640 or higher. Borrowers with scores above 740 receive the most favorable interest rates and terms.

If your credit score is below 680, an FHA loan may be your more affordable option due to lower mortgage insurance costs for lower-credit borrowers.

Down Payment Comparison

Both loan types offer low down payment options, but the specifics differ.

FHA loans require just 3.5% down with a 580+ credit score. This amounts to $10,500 on a $300,000 home, making homeownership accessible for first-time buyers with limited savings.

Conventional loans can go as low as 3% down for qualified first-time homebuyers through programs like HomeReady and Home Possible. Standard conventional loans typically require 5% down.

The advantage of putting down 20% or more on a conventional loan is avoiding private mortgage insurance entirely—something that’s impossible with an FHA loan.

Mortgage Insurance: The Critical Factor

This is where the two loan types diverge significantly, and it often determines which option costs less over time.

FHA Mortgage Insurance (MIP)

FHA loans require two types of mortgage insurance:

  • Upfront Premium: 1.75% of the loan amount (can be rolled into the loan)
  • Annual Premium: Typically 0.55% of the loan amount, paid monthly

The catch? If you put down less than 10%, you’ll pay MIP for the entire life of your loan. With 10% or more down, MIP lasts for 11 years.

On a $300,000 loan, you’d pay approximately $5,250 upfront plus $138 per month in ongoing premiums.

Conventional Private Mortgage Insurance (PMI)

Conventional loans only require PMI when you put down less than 20%. The cost ranges from 0.25% to 2% of the loan amount annually, depending on your credit score and down payment.

The major advantage? PMI automatically cancels when you reach 20% equity in your home through payments or appreciation. You can request cancellation even earlier at 22% equity.

For borrowers with credit scores above 720, conventional PMI is often cheaper than FHA MIP and doesn’t last forever.

Loan Limits for 2025

FHA loan limits for 2025 range from $524,225 in most areas to $1,209,750 in high-cost counties. These limits determine the maximum amount you can borrow.

Conventional loan limits are set at $806,500 for most areas and $1,209,750 in expensive markets. Loans exceeding these amounts are considered jumbo loans with different requirements.

Debt-to-Income Ratio

FHA loans allow debt-to-income ratios up to 43% (sometimes higher with compensating factors), making them more forgiving for borrowers with existing debt obligations.

Conventional loans prefer DTI ratios below 36%, though some lenders accept up to 45% with strong credit and reserves.

Property Standards

FHA loans come with stricter property requirements. Homes must meet FHA minimum property standards for safety and livability, which can complicate purchases of fixer-uppers or properties needing repairs.

Conventional loans have more relaxed property guidelines, giving buyers greater flexibility in their home choices.

Which Loan Should You Choose?

Choose an FHA loan if you:

  • Have a credit score below 680
  • Can only afford a minimal down payment (3.5%)
  • Have higher debt-to-income ratios
  • Don’t mind paying mortgage insurance for life (or plan to refinance later)
  • Are a first-time homebuyer with limited savings

Choose a conventional loan if you:

  • Have a credit score of 720 or higher
  • Can afford a down payment of 5% or more
  • Want the option to cancel mortgage insurance
  • Plan to stay in the home long-term
  • Need to purchase a second home or investment property
  • Want more flexibility in property type and condition

The Smart Strategy

Many homebuyers start with an FHA loan to get into homeownership quickly, then refinance to a conventional loan once they’ve built 20% equity and improved their credit. This strategy eliminates mortgage insurance and often secures a lower interest rate.

The key is running the numbers for your specific situation. Consider not just the down payment and monthly payment, but the total cost of mortgage insurance over the life of the loan.

Ready to Get Started?

Whether you choose an FHA or conventional loan, the most important step is getting pre-approved to understand your buying power and monthly payment. Our experienced loan officers can analyze your financial situation and recommend the best loan program for your needs.

Contact Altitude Home Loans today to discuss your options and take the first step toward homeownership.

jumbo vs conventional loan

Choosing Between a Jumbo Loan and a Conventional Loan

Written by Altitude Home Loans on . Posted in General, Mortgage.

Prospective homeowners come to mortgage lenders with all types of questions. Some of the most common queries surround the types of loans they may qualify for. This guide explores the key components of two popular mortgage options. 

Discover the differences between a jumbo vs. a conventional loan, and how to determine which one is best for you. For personalized lending solutions, reach out to the team at Altitude Home Loans. 

How a Jumbo Home Loan Differs From a Conventional One

Lenders typically issue mortgages that fall within the loan limits set by the Federal Housing Finance Agency. These conventional, conforming loans are seen as less risky for lenders, but borrowers may be eligible for a non-conforming or jumbo loan, which exceeds the FHFA’s limit. 

The biggest differences in these two types of mortgages include:

  • Interest rates: Given the higher risk of a jumbo loan, it tends to come with higher interest rates. 
  • Down payment requirements: Homeowners are expected to put down much more up front to acquire a jumbo loan. The requirements can range from 3% down for a conforming loan to 30% down on a non-conforming loan. 
  • Insurance: Conventional mortgages are backed by insurers, while their non-conforming counterparts have no guaranteed insurance. 

How To Tell Which Loan You Qualify For

Are you debating taking out a jumbo vs. a conventional loan? Find out which one you may qualify for based on the criteria below. 

Check Your Credit Score

Lenders run a credit check before approving someone for a mortgage. If you have poor credit, a jumbo loan may not be an option. To qualify for a non-conforming mortgage, borrowers need a minimum credit score of 700, while conventional mortgages accept a score of 620. 

Evaluate Your Debt-to-Income Ratio

Keeping your debt under control is key when applying for a mortgage. Lenders try to steer clear of those with a large debt-to-income ratio, especially if they’re looking to obtain a jumbo loan. 

This type of home loan is suitable for those with a debt-to-income ratio between 36% and 43%. Conventional mortgages have a bit more wiggle room, as they’re less risky for lenders. 

Review Your Cash Reserves

Buying a home is one of the biggest investments you can make. Not only will you need enough money for a down payment, but you’ll also have to put away cash to cover common household expenses. 

Be mindful of your cash reserves if you want to take out a non-conforming loan. Your savings should cover the first year of homeownership expenses. It might be easier to get a conventional mortgage, which cuts this requirement in half.

Discuss Your Options With a Lending Specialist

Now that you know the pros and cons of a jumbo vs. a conventional loan, you can take the guesswork out of qualifying for a mortgage. Altitude Home Loans is here to help you navigate the application process so you can become a proud homeowner. Reach out to us today at 520-500-1010 to explore your lending options. 

what is fha mortgage

Everything You Need To Know About FHA Mortgages

Written by Altitude Home Loans on . Posted in General, Mortgage.

Are you looking to buy a home and searching “What is an FHA mortgage?” As the trusted mortgage lenders in Tucson, AZ, Altitude Home Loans is happy to determine whether you qualify and help you fill out all the paperwork. Learn everything you should know to give yourself the best chance of obtaining these government-backed mortgage benefits.

How FHA Mortgages Differ From Traditional Home Loans

A loan from the Federal Housing Administration has lower requirements and better terms. Though they’re popular among first-time homebuyers, other situations can qualify for FHA loan eligibility.

Take Advantage of Flexible Qualifying Guidelines

Want to buy a home but have a difficult financial situation? You’ll appreciate the lower FHA loan requirements, which include:

  • You must purchase the home as your primary residence.
  • The family must move in within 60 days of closing.
  • An appraiser must find that the home meets safety and livability standards.
  • You must have a credit score of at least 500.
  • You can use a down payment as low as 3.5% if you have a credit score over 580.
  • Borrowers must have at least two years of consistent employment, study, or military service.
  • Most lenders prefer a debt-to-income ratio under 50% and no delinquent debts.
  • Single-unit homes can have a maximum value of about $500,000 in low-cost areas or $1,200,000 in high-cost cities.

Benefit From Assistance Programs and Fewer Penalties

One aspect that many other first-time homebuyer FHA guides forget to mention is the ability to combine these loans with other programs. For example, you can combine them with down payment assistance or gifts accompanied by an official letter. You also won’t incur any penalties if you pay off the mortgage early.

Best Tips for Applying for a Mortgage From the Federal Housing Administration

What is an FHA mortgage? If you want to apply for this government-backed home loan, use the following tips to give yourself the best chance of success.

Organize All Your Documents Before Applying

Gather the following documents so you can apply quickly:

  • Government-issued ID
  • Social Security Number
  • Two years’ worth of W-2s or bank statements
  • Option proof-of-gift letters

Work on Increasing Your Credit Score

While you can have a lower credit score, try to increase it to 580. Below that score, you’ll need a 10% down payment and have higher interest rates. If you’re already above 580, you’re on your way to obtaining this low down payment home loan.

Pay Off Smaller Debts To Lower DTI Ratio

Aim for a debt-to-income ratio below 43%. You likely can’t pay off student or car loans but try eliminating some of your smaller debts. For example, if you have a credit card with a balance of $1,000, paying it off could help you save money in the long term on better loan conditions.

Find Your Next Mortgage With Help From Altitude Home Loans

What is an FHA mortgage? At Altitude Home Loans, we take the time to answer this question and more. Our expert loan officers help you avoid first-time homebuyer mistakes and work hard to find you the best rates.

To start your application process, call 520-500-1010.

What Is an Assumable Mortgage and How Does It Work?

Written by Altitude Home Loans on . Posted in General.

You’d love to own a home, but there’s one thing putting you off: interest rates. When rates are sky-high, you could end up paying tens of thousands in interest over the life of your home loan.

If you’d rather not wait for interest rates to decrease, an assumable mortgage might make sense for you. What is an assumable mortgage? Learn the answer in this guide from one of the top mortgage lenders in Tucson, AZ.

Assumable Mortgages: Your Ticket To Becoming a Homeowner for Less Money

An assumable mortgage, as the name implies, enables you to assume, or take over, an existing mortgage instead of getting your own. Essentially, you’re taking over the current owner’s mortgage, including its interest rate and repayment period.

One of the biggest assumable mortgage benefits is that you can lock in an interest rate that’s far below the current rate. This is appealing when interest rates are on the rise. Instead of paying 7% for a 30-year fixed mortgage, you could take over an existing mortgage with a rate of 5% or even less. That could save you a significant sum over the life of the loan.

What Types of Loans Are Assumable?

If you’d like an assumable mortgage, what are your loan transfer options? Not all types of loans are assumable. Conventional mortgages, for instance, usually aren’t assumable because they typically have a due-on-sale clause, which means the seller can demand the entire loan amount as soon as they sell you the home.

Assumable loan types include FHA, USDA, and VA loans. An FHA assumable mortgage must meet these rules:

  • If the loan originated on or after December 15, 1989, the seller must approve a sale by assumption as long as the buyer is creditworthy. For loans that originated before that date, lenders aren’t obligated to release sellers from their liabilities.
  • Lenders aren’t entitled to check whether the buyer is creditworthy in special cases, like inheritance or death, nor do they have to approve a sale.

For VA loan assumption:

  • Lenders aren’t obligated to approve the sale for loans that originated prior to March 1, 1988.
  • For loans that originated after this date, they’re assumable if the buyer pays a processing fee and is deemed creditworthy.

How Can You Assume a Mortgage?

Now that you know the answer to the question “What is an assumable mortgage?” you might wonder how you can get an assumable home loan. The first way is novation, which is when the lender approves the buyer to take over the mortgage. The second option is called simple assumption, which does not involve lender approval.

Novation is the least-risky option because buyers need to go through the underwriting process. Because simple assumption doesn’t involve underwriting, if the buyer stops making payments, both they and the seller are liable.

Have Questions About Mortgage Assumption? Call Altitude Home Loans

What is an assumable mortgage? If you’re on a budget and want the lowest possible interest rate, it’s a smart way to become a homeowner. To learn more about assumable mortgages and home equity loans, call Altitude Home Loans at (520) 500-1010.

types of reverse mortgage

Understanding the Different Types of Reverse Mortgages

Written by Altitude Home Loans on . Posted in General.

You may wonder where to acquire an extra income source to supplement your savings as you approach retirement age. Could the perfect solution be a reverse mortgage? 

Read on as Altitude Home Loans’ mortgage lenders in Tucson, AZ, outline the primary types of reverse mortgages you could add to your portfolio.

How a Reverse Mortgage Differs From a Typical One

You take out a regular mortgage when you first purchase your home. If so, the lender immediately pays for the bulk of the property price after you’ve made the required down payment. 

When you take out a reverse mortgage, you receive a loan in exchange for home equity. Most people qualify for a reverse mortgage after they turn 62 and don’t have to pay it back until they move out of the property or pass away. Still, there are a few caveats, like owing the lump sum plus interest because you don’t pay the loan back in installments.

What Types of Reverse Mortgages Should You Research?

Are one of these reverse mortgage types a sufficient solution to pad your income? Learn more about the different types of reverse mortgages detailed below.

Home Equity Conversion

You might qualify for a home equity conversion mortgage if you have quite a limited income. You can use that money for anything, from paying off vehicles to medical bills. The main downside is that HECMs have steep upfront costs, so you’ll need hefty funding options.

Single-Purpose Reverse

Why not apply for a single-purpose reverse mortgage through local or state government programs or nonprofit organizations? This mortgage type protects the lender’s interests via lower interest rates for the borrower. You can also only use the loan for a specific, agreed-upon purpose. 

Proprietary Reverse

Only a private lender will supply a proprietary reverse mortgage. You might prefer this loan if you own a high-value property backed by a professional appraiser or if you don’t qualify for an HCEM. Some lenders refer to this particular reverse mortgage as a jumbo reverse mortgage since it is a high-end deal.

Fixed Versus Adjustable Rates for Reverse Mortgages

If you take out any type of reverse mortgage, you’ll find it falls under one of these two categories:

Adjustable Rate

An adjustable-rate reverse mortgage has shifting interest rates. You might incur a low rate one month but then notice an increase the next. The upside is flexibility, particularly with how you draw from and use this loan. 

It’s a fantastic option for long-term retirement planning.  

Fixed Rate

A fixed-rate reverse mortgage is the opposite – its monthly repayment rate doesn’t change. The interest rates you’ll pay are the same over the entire loan period. 

You might prefer this with a steady, predictable budget or payment plan.

Purchasing a Home in Tucson, Arizona? Contact Altitude Home Loans

The final question is, “Which types of reverse mortgages will work best for your current financial situation?” Altitude Home Loans can help you find out and answer questions, like what happens after skipping a mortgage payment.

If you’re on the hunt for your dream home in Tucson, Arizona, get in touch with our competent loan officers at 520-500-1010!

refinance house mortgage

When Should You Refinance Your House Mortgage?

Written by Altitude Home Loans on . Posted in General.

Is the time ripe to refinance a house mortgage? It could become your ticket to financial ease!

As the go-to mortgage lenders in Tucson, AZ, we at Altitude Home Loans know a thing or two about the subject. Keep reading as we dive into the nitty-gritty details.

Do It for the Right Reasons

Too many people reassess their mortgages without fully understanding their goals. Some of the best motivations to take the plunge include the following.

Lowering Interest Rates

Does the current market favor borrowers? If you locked in a mortgage at a higher interest rate several years ago, you might want to consider a rate-and-term refinance. You should ideally obtain a rate at least one-half of a percentage point lower than your existing plan.

Check your credit score and report before applying! You’re in a good spot when both have improved since your last mortgage. The best refinance rates go to people with the 740 score and above club.

Removing Private Mortgage Insurance (PMI)

PMI is extra insurance when your down payment dips under 20%. It protects lenders, not you, and adds to your monthly bill.

Refinance your house mortgage to eliminate this costly extra with enough home equity. The savings will roll back into your pocket instead of the lender’s.

Financing Big Purchases

Do you need to cover upcoming expenses? We’re talking about wiping out those credit card bills or avoiding student loans’ hefty interest!

Conduct a cash-out refinance and liquidate your home’s equity. People also use the funds to purchase property or renovate their homes.

Changing the Loan Structure or Term

You might want to speed up your mortgage payoff. Shortening a loan term can save you loads on interest over time. You can also switch from an adjustable rate to a fixed rate for more predictability in your budget.

Both strategies bring peace of mind and financial stability. Talk to your lender, assess the current rates, and see which option best fits your goals.

Know When To Reconsider This Route

Should you refinance? It’s not always the best move for everyone. You generally want to avoid:

  • Discretionary purchases: Some fall into the trap of risking their home to finance luxury items like high-end vacations, extravagant cars, or other non-essential expenses.
  • Changing loans halfway through the term: You probably won’t save on refinancing when you’re too far along in your mortgage. It means reaching a point where the bulk of the payment goes to the principal balance rather than interest.
  • Selling too soon: If you need to put your property on the market in the next few months, you probably won’t have enough time to recover the refinancing costs.

Is Refinancing Worth It?

Take the time to analyze the situation by calculating the potential return, as well as accounting for closing costs and loan-to-value ratio. Altitude Home Loans always has you covered if you need assistance.

Dial 520-500-1010 to refinance your house mortgage — just have the required documents and we handle the rest! Give us a call today.

What Happens If My Mortgage Pre-Approval Expires?

Written by Altitude Home Loans on . Posted in General.

Any homebuyer will benefit from a mortgage pre-approval, a document stating the loan amount you can be approved for. These documents make you look reliable to sellers, but you have a due date to work with. You may wonder, “What happens if my mortgage pre-approval expires?”

Altitude Home Loans is here to explain this process. Get in touch with us today if you need experienced mortgage lenders in Tuscon, AZ, to help you navigate the overwhelming mortgage process.

What Is a Mortgage Pre-Approval?

Take advantage of a mortgage pre-approval to expedite the homeownership process, especially since the mortgage industry plays a crucial role in most home purchases. The pre-approval document states the loan amount a bank or other financial institution has approved you for.

When you put in an offer on a house, you’ll be more likely to be considered than a homebuyer who hasn’t sought pre-approval, since you have proof you can afford the offer you’re requesting. 

When Will My Pre-Approval Expire?

The validity period will be different for everyone, but you typically have up to 90 days to purchase a home before your pre-approval expires. Your document will state the expiration date, but you can always ask your loan officer if you can’t find it or need clarification.

What Happens If Your Mortgage Pre-Approval Expires

Life is never as organized as you’d like it to be, so while you may intend to use your pre-approval while it’s valid, that might not happen. But what happens if your mortgage pre-approval expires? You won’t have any penalties for letting your pre-approval expire — but there are some inconveniences.

It May Take Longer To Find a House

The unpleasant answer to “What happens if my mortgage pre-approval expires?” is that you’ll have reduced chances of buying your dream home until you have it back in place. Those with pre-approvals are typically favored over those without.

You’ll need to contact your loan officer to start the process over again. Depending on your situation, you may only need to resubmit a few documents rather than do it all over again.

Your Next Pre-Approval Rate May Change

Your new rate might change if your credit score or financial situation differs from when you last sought pre-approval for a mortgage. You may have a better or worse pre-approval based on these changes.

What To Do Next

“What happens if my mortgage pre-approval expires?” is often followed by, “Now what?” If your pre-approval expires, you need to:

  • Contact Your Lender: Do this sooner than later. Let them know you ran out of time and need a new pre-approval.
  • Submit Necessary Paperwork: Your loan officer will tell you what papers you need. You might need to submit some or all of your previous documentation along with new documents.

Call Altitude Home Loans Today

You don’t have to ask, “What happens if my mortgage pre-approval expires?” Call Altitude Home Loans in Tuscon, AZ, at (520) 500-1010 to start working with a local mortgage lender.

What Is a Conforming Loan and How Does It Work?

Written by Altitude Home Loans on . Posted in General.

When you’re in the market to buy a home, you’ll typically come across various types of mortgages, including FHA, USDA, VA, and conventional/conforming loans. Among these, conforming loans are the most common, and for good reason. But what is a conforming loan?

Altitude Home Loans, one of the top-rated mortgage lenders in Tucson, AZ, delves deeper into conforming loans and how they work. Call (520) 500-1010 for more insights into Arizona mortgage laws and regulations.

Understanding Conforming Loans 

A conforming loan is a type of conventional loan or mortgage that meets Freddie Mac or Fannie Mae guidelines. Conforming lenders underwrite and fund the loans and then sell them to investors like Freddie Mac and Fannie Mae. 

Once Freddie Mac and Fannie Mae scrutinize the loans, they sell them to investors on the open markets. Because of their liquidity and government regulations, conforming loans typically feature lower interest rates than non-conforming loans. 

Conforming loans have set limits and guidelines for mortgage qualification criteria, loan amounts, borrower credit profiles, down payments, and types of property. The Federal Housing Finance Agency reviews conforming loan limits every year to reflect housing market changes.

With conforming loans, you have the option of a fixed or adjustable rate. Terms lengths also vary, with 15- and 30-year terms being the most popular. 

How Do Conforming Loans Work? 

When trying to answer, “What is a conforming loan?” you may wonder what role Freddie Mac and Fannie Mae play in all this. 

Both entities have similar guidelines and missions—to provide long-term stability and liquidity to the U.S. mortgage and housing markets. While Freddie Mac buys mortgages from small (private) banks and credit unions, Fannie Mae works with commercial (large banks). 

You typically won’t have contact with either of them as they work behind the scenes. 

After closing on your mortgage, the title company overnights the documents to the lender’s post-closing department. The experts there verify that you’ve signed all documents correctly and provided any requested information. 

Should they find any issues, the lender will contact you to fix the errors. Once ready the lender will send the loan to Fannie Mae or Freddie Mac to purchase. The investor then checks on your loan documents and asks for any clarification they need before uploading the loan into the system and paying the lender. 

This process plays a crucial role in providing lenders with more liquidity to keep writing more loans. Fannie Mae or Freddie Mac then bundles loans like yours and sells them to investors as securities. 

Trust Altitude Home Loans for Your Mortgage Needs 

Now that you can answer the question, “What is a conforming loan?” let our Trust Altitude Home Loans experts help you find the best mortgage options for your new home. 

Whether you need to finance your new home using a Freddie Mac loan or learn more about loan-to-value ratio, trust us, your local mortgage lender, to guide you. 

We have a talented team of experienced professionals committed to providing you and your family with the ultimate mortgage experience. Call Altitude Home Loans today at (520) 500-1010 to start your journey toward homeownership. 

what is a warranty deed

What Is a Warranty Deed and How Does It Protect You?

Written by Altitude Home Loans on . Posted in General.

While purchasing a house is an exciting endeavor, deed transfers and understanding your new responsibilities can make the process a bit more complicated. Prospective home buyers should learn about warranty deeds as a way to protect themselves and others. 

Learn the answer to “What is a warranty deed?” and the importance of having one as a property owner. If you still have questions after reading or are considering lending options for your mortgage, contact Altitude Home Loans, the best mortgage lenders in Tucson, Arizona.

What Is a Warranty Deed?

Warranty deeds are the contract or documentation that verifies that a property’s seller has their title without any obstacles (liens, mortgages, etc.). It shows that there are no outstanding claims or fights for ownership of the property, verifying the buyer won’t have problems in this area.

Having a warranty deed can help a buyer with mortgage financing and title insurance. The seller becomes responsible if problems arise and they breach their agreed-upon contract. If a buyer purchases a property from a stranger, it’s an excellent idea for them to acquire a warranty deed. 

What Are the Main Types of Warranty Deeds?

The types of warranty deeds you should learn about and may encounter include the following:

  • General Warranty Deed. What is a warranty deed? This is the most popular type of warranty deed and provides property owners the highest level of protection. It helps them rest assured, knowing the home has no problems, including those from past owners.
  • Special Warranty Deed. Special warranty deeds offer similar protection but do not include title problems before the seller’s ownership. This deed will hold the seller responsible for the time they owned the home but not actions prior to their ownership.
  • Statutory Warranty Deed. These are like general warranty deeds, shifting ownership of a property between the seller and the buyer. However, you can obtain one through the state’s statutes, but some of the title history is unclear. It’s still legally binding and offers a fair amount of protection.

While people are looking for more ways to make homeownership more accessible despite today’s challenges, having a warranty deed can help.

How Warranty Deeds Protect Property Owners

Having a warranty deed means you can obtain the title to the property without issues. You’ll also know that you won’t have to face any outstanding title problems. 

Obtaining a warranty deed is possible by contacting your real estate agent’s office or filling out an online template. The deed must have a description of the property, buyer signatures, the transaction date, the names of anyone involved in the process, and any title defects.

Other Related Types of Deeds to Know

Besides warranty deeds, you might hear about some of these related deeds:

  • Deed in Lieu
  • Quitclaim Deed
  • Special Purpose Deed

Receive Guidance on Your Home-Buying Journey with Altitude Home Loans

We hope you now understand “What is a warranty deed?” and have a deeper understanding of deeds while purchasing properties.

Altitude Home Loans can assist you with the mortgage process and answer any other questions you may have. Call us today at 520-500-1010 to get started!