Already on ArticleSlash?

Forgot your password? Sign Up

First Time Homebuyer Financing

 


Visitors: 178

First-time homebuyers should apply for a loan before shopping for a home. Starting the home purchase process by becoming familiar with the home mortgage procedure is important. To save money, time, and energy, first-time homebuyers should begin the mortgage process first by contacting a local experienced lender. A skilled professional will provide first-time homebuyers with the necessary tools to make their home purchase process run smooth.

To increase the homebuyer's advantage the mortgage lender will educate the buyer in qualifying, and provide a pre-approval letter that will offer the borrower confidence when shopping for their new home. The benefit of the pre-approval letter is it provides the borrower the knowledge of how much house they can afford. This saves the buyer time and money from looking at homes they do not have the money or income to purchase. The letter also increases the homebuyer's bargaining power by proving to the seller the buyer is serious about their home and they can, in fact, purchase it.

In choosing a mortgage broker, the homebuyer needs to look for a lender that provides local mortgage experience. Homebuyers should know a mortgage broker does not lend their own money. They lend funds from other banking institutions. They have a wide variety of competitive mortgage programs and pricing to choose from. Mortgage brokers have the ability to shop multiple mortgage lenders, programs and rates.

Mortgage brokers should inform and educate homebuyers about the local home purchase programs available to them. Brokers should provide answers to which type of loan is best for the homebuyers needs, what costs are involved in the loan, to offering information about rate lock and prepayment penalties. Your mortgage lender should help the first-time homebuyer understand the difference between renting and homeownership, by providing information like rental increases, home equity and tax advantages.

It is essential first-time homebuyers are informed about the advantages and disadvantages unique to their situation. A mortgage should suit the individual, or family, just like the choice of a home should fit the homebuyer's needs and lifestyle.

Just how easy it is to become a first-time homebuyer depends on your situation and your lender. If your current financial status is common, or less than ideal, an experienced lender can help you understand the steps required to gain the path to homeownership.

To build our communities across the nation and enhance home ownership, our government provides affordable federal and state programs to first-time homebuyers who want to obtain home ownership. Just how easy it is to become a first-time homebuyer depends on your situation and your lender. If your current status is less than ideal, or common, an experienced lender can help you understand the steps required to gain the path to homeownership.

If you want to learn more about federal government home buying mortgage loan programs go to the following site: hud. gov/buying/index. cfm. For individual state government First-Time Homebuyer Programs and First-time homebuyer seminars go to: hud. gov/buying/localbuying. cfm.

Remember, always check with a local lender in your area before you house hunt and sign a purchase agreement.

Peter Boyle
Senior Mortgage Consultant
Serving the community 17 years.
http://www.peterboylehomeloans.com
pboyle@summit-mortgage.com
612-701-6816

(559)

Article Source:


 
Rate this Article: 
 
Time Management - Finding Time For Internet Marketing While Working Another ..
Rated 4 / 5
based on 5 votes
ArticleSlash

Related Articles:

First Time Homebuyer? Dont Be Scared Be Prepared

by: Paco Vielma (June 17, 2008) 
(Real Estate/Buying)

Snapshot - Housing and Economic Recovery Act of 2008 - 1st Time Homebuyer Tax ..

by: Shannon Luscher (August 13, 2008) 
(Real Estate/Buying)

FHA Mortgages The Right Financing For First Time Buyers

by: John Mazzara (June 27, 2008) 
(Finance/Home Equity Loans)

Is the Homebuyer Tax Credits Being Extended?

by: David Reinholtz (August 21, 2010) 
(Real Estate/Mortgage Refinance)

Mortgage Financing In Ontario for the First Time Home Buyers

by: Ethan Cox (October 24, 2017) 
(Finance/Mortgage Refinance)

Real Estate Financing - Home Mortgages - Time Tested Tips

by: Helen Hecker (August 15, 2007) 
(Finance/Mortgage Refinance)

Asset Based Financing, Alternative Ways of Financing, Large Commercial Real ..

by: Karna Hoskote (June 21, 2008) 
(Finance/Commercial Loans)

Real Estate Financing - Creative Financing Tips

by: Helen Hecker (July 24, 2007) 
(Finance/Mortgage Refinance)

Online Computer Financing: Quick Financing for Your Computer

by: Turk Malloy (February 14, 2007) 
(Finance)

Time Management - Finding Time For Internet Marketing While Working Another ..

by: Jeffrey M Louis (September 08, 2008) 
(Self Improvement/Time Management)