First Time Home Buyer Secrets Revealed
Buying your first home can be a very exciting time for the whole
family. When you buy a home, you not only stop losing money on rent,
but you gain equity as well. You may feel overwhelmed when you hear
people talking about different types of mortgages, FHA loans or
first time home buyer programs. Right! There's a whole new language
to learn and here's a little help.
Purchasing a home is a big step. As a first timer, your home will
probably be your most valuable asset in life. However, buying a
house is a business transaction that thousands of people go through
every day. If they can do it, so can you.
Your First Home at your Fingertips
As a purchaser, you can save yourself a lot of trouble if you
think ahead of time how much initial investment i.e. down payment
you can afford. The more money you can put into your down payment,
the lower your monthly payments will be. Some types of loans require
10-20% of the purchase price. That's why many first time home buyers
turn to FHA home loans for help. FHA mortgage requires only 3% and
sometimes even less down payment.
FHA loan was created by the Federal Government to provide
affordable housing financing. FHA stands for Federal Housing
The mortgage loan is made by a financial institution or other
FHA-approved lender. FHA insures 100% of the loan. Because the
lender is protected by this insurance, it can offer better terms to
potential first time homeowners. Generally, FHA guidelines are more
relaxed. Buyers must provide proof of income to show ability to pay
the mortgage. Those who bought a house in the past may still
If you are looking for first time home buyer grants you need to
contact your local authorities for information. The federal
government does not offer housing grants or loans to individuals.
Shopping for a mortgage is like shopping for any other large
purchase. You can easily save money if you take some time to look
around. Good news is now you can do your mortgage shopping online.
Different lenders can offer different interest rates and loan fees.
Ask for quotes from several lenders before you decide. We have
listed below some useful links to reputable lenders who can
specifically design a custom mortgage loan quote to meet your
special needs and goals.
LendingTree Mortgage Loans
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