The choice among first-time buyer mortgage loans is not easy. To a lender, as long as you meet their credit criteria, you generally will have no problem obtaining a loan. However, the process itself can seem daunting. Where do you start and what to do you look for in this type of loan offer? Here are a few tips to help you:
Shop for a loan before you secure a home you want to buy. This is important. When you obtain a first-time buyer mortgage loan quote, you will learn how much the lender is willing to give you to buy a home. You don’t want to navigate away from this because it is unlikely you’ll get the home you desire.
Next, work with a lender that is happy to help you as a first time home buyer. That is, they should be able to offer you access to a variety of loan programs that can help to cut your costs. An FHA loan, for example, is available to anyone who has had no vested interest in real estate in the last three years. With this loan program, you will get lower interest rates. You’ll pay less in closing costs as well. You will need a down payment of no more than 3.5 percent – unless you want it to be higher.
It is easier to obtain a first-time buyer mortgage loan when you have the right lender working by your side. Invest in a company that specializes in this type of loan program to gain the access you need to an affordable, easily attainable mortgage.
For the first time buyer mortgage loan options are available for any need at Guaranteed Rate.
