If you’re a first time home buyer, you’re probably under all kinds of stress: financial, personal and more. From mortgages, loans, and credit scores, there are a ton of factors to take into consideration before making this decision. It’s easy to get overwhelmed, but you don’t have to be. Do your research and follow these steps before making this significant decision.
Understand your options
There are several payment options when you purchase a home. If you go with a fixed mortgage rate, your interest rate won’t change. This is usually the preferred route if you plan on staying in your home for more than a few years. An adjustable rate mortgage, on the other hand, changes according to the market. That means that it’s not as stable and cannot be fully predicted. If you’re looking for a steady way to pay for your home, a fixed rate mortgage is your best bet. And if you’re a first-time home buyer, you may actually be able to use a special mortgage. Just ask your representative for more information to see if it’s the right decision for you. Other options include Jumbo, USDA, VA and FHA loans.
Down payments are another factor to consider. If you don’t have a huge amount of money in your savings, you still may be able to purchase a home. There are a variety of mortgage programs available, and some don’t even require a down payment. No matter your situation, a mortgage representative can possibly help you improve your credit score and help you get pre-approved. With a substantial purchase such as a home, it’s never a bad idea to get help to put you in the best financial situation possible.
Get an expert’s advice
No matter how much research you do, it’s still difficult to make a decision that involves a large dollar amount. Instead of stressing about it, let one of HomeRate Mortgage Representatives assist you in the home-buying process. We have been able to help save clients up to $350 per month. It takes only 10 minutes and will clarify any questions you have. See our website for more information or call 844-805-9100 for a free quote.