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• Remodeling
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• Refinancing Tips
• House Plans
• Interior Design
• Decorating
• Real Estate
• Home Decor
• Kitchens & Kitchen Decor
• Bathroom & Bath Decor

Home Mortgage Loans - First Time Buyer FAQ

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First Time Home Buyers - Buying your first home is an exciting yet daunting experience. To simplify the process, start by making a list of items that are most important to your home. Examples include number of bedrooms, number of bathrooms etc. Second, make a list of items that are "nice-to-have". As you view homes on the market, compare each home with your lists. You may be tempted to offer on the first home you see but you should avoid being impulsive and continue looking around to make sure you've found the right place for you. First time home buying is stressful but if you prepare yourself with a good list of what is important to you and what you are willing to compromise on, you'll soon find a starter dream home that fits your lifestyle and family.

First Time Home Loans are Easy to Find - Many first time buyers are renting because they think you can't qualify for a mortgage as a first time home buyer. In most cases this is not true. Lenders have many loan programs for first time home buyers and those with less than perfect credit histories. Also keep in mind that working with one lender, such as your local bank, may limit your capabilities. Mortgage brokers often work harder to find better loan and mortgage programs from multiple competing lenders.

The Low Down on Low Down Mortgage Loan Payments - Many first time home buyers are worried about coming up with a sufficient down payment for their first home mortgage loan. In the last several years, this concern has been mostly alleviated because there are so many loan programs targeted to first time home buyers. Several programs require little or no money down. A good mortgage broker can help find lenders that offer loan programs with little or no money down. Your local bank may not have as many options available.

Your First Home Mortgage Loan - If you are ready to buy your first home, be sure to educate yourself on the mortgage options available and don't just depend on the advice of others. For example, first time home buyers may be entitled to special government funded mortgage programs that have low interest rates and low down payments. Also, if you have served in the military, you may qualify for other home loan options for veterans. The key is to start your homework early on what mortgage options are available to you. Pre-qualify for your loan if possible. Then if you find the right home, your pre-qualification may make your offer more appealing to the home seller. Many sellers today demand a pre-qualification letter before they will accept your offer. It also helps you the first time homebuyer a realistic idea of what they can afford.

Doing the Research - When looking at a home, be sure to look outside of the home too. Assess the school systems if you have children. Research the crime rates in the area to ensure they are consistent with your lifestyle. Assess development work and future city plans to ensure you understand what will happen to the neighborhood and extended area over the next several years. If the city plans to construct a water tower in the neighborhood in five years, you need to know the impact on your resell value before you make that offer. Their five year time frame could change to two or three years if the neighborhood is expanding quickly and there are water delivery problems. A good real estate agent can do this town and area research for you. They can also look give you information on comparable home values in the neighborhood.

Speaking of Real Estate Agents - It is highly recommended that a first time home buyer use a real estate agent. An agent has the professional knowledge and experience to find your dream home. They have access to market and home comparable data that is difficult to obtain otherwise. They also will have developed contacts over the years that they can share with you. Whether you need a plumber, inspector or appraiser they will be able to put you into contact with individuals they trust. As your agent, they are acting on your behalf and will look out for your interests.