Many dream of realizing the American dream and being a homeowner, and your mortgage broker can help you with the financing that makes this dream all possible. Fortunately, a mortgage broker can help you with financing a home in several different ways, and for different purposes. Here are three types of financing your professional mortgage broker can help you with during the process of home ownership.

First-Time Home Loan

When you are looking at buying a home for the first time, in addition to getting with and hiring a professional real estate agent, you should also talk to a mortgage broker. A mortgage broker or loan officer at your bank's mortgage department will be able to help you with finding the right type of loan for your situation. When buying a home for the first time, you can qualify for a mortgage program that has more favorable terms, which can give you a lower interest rate and a low down payment, for example.

As a first-time home buyer, you qualify for this type of financing program, which helps you become a homeowner and invest in your own neighborhood. This type of program is available to help renters begin the pathway of owning a piece of land and a home, which gives them the gift of pride of ownership and the tax benefits that come with it.

Talk to your real estate agent about getting in touch with a recommended mortgage broker. They will help you determine a budget and get pre-qualified for a mortgage so you can begin searching for a home to buy.

Mortgage Refinance

Once you have lived in a home for a period of time, you may want to refinance your mortgage for one of many reasons. The market mortgage rate may have dropped to a lower rate than when you first bought your home, or your current mortgage is on an adjustable rate and the rate is about to increase, or you have a balloon mortgage and the balloon payment is about to come due.

Talk to your mortgage broker about refinancing the balance of your mortgage. This can lengthen your mortgage back out to a 30-year mortgage or will move your mortgage into a shorter term, depending on the type of mortgage program your broker can find for you. You might find that with a lower interest rate, you can refinance for a mortgage of a shorter period of time and your mortgage payment will remain approximately the same, but you will be able to pay off your mortgage sooner.

Home Equity Line of Credit

Another loan is a home equity line of credit (HELOC), which allows you to borrow against your home's equity. This will add on a second mortgage to your home, but is a great way to complete some renovations or repairs, or to go on a vacation or buy a new vehicle you need.

For more information, contact a company like Tennessee Home Mortgage.