Tips For First Home Buyers On Getting Home Loans

Buying your first home will likely be the biggest and most important purchase you will ever make. It can be a very stressful and may even leave you sleepless for nights on end wondering whether you are making the right decision ? especially where choosing the right home loan is concerned.

With all the other questions that tug at first time home buyers, the question of finding their deposit and obtaining the right mortgage are probably the ones that claim the most attention.

There are a number of different resources that first time homebuyers can consult in order to find some guidance; from financial institutions, government offices, books and the internet there is wealth of information just waiting to be had. However, there are a few things that first time home buyers should keep in mind when shopping around for the right home loan.

Determine just how much house you can comfortably afford. There are online calculators that can help you get a general estimate of what a lender might give you.

However, you should also consider your existing debt, your living expenses and closing costs when trying to establish what your budget should be.

Get your deposit together and find out if you are eligible for the First Time Home Buyer's grant offered to people who have never purchase or owned a home or property. You may check this on governmental website - http://www.firsthome.gov.au.

You should try to get at least ten percent of your projected budget's price as a deposit if you want to avoid paying lender's insurance on top of your mortgage.

First time home buyers should not feel pressured into making any snap decisions by lenders who use scare tactics to frighten them. Instead, they should shop around to find out what the current interest rates are, who is offering the best deals and just how flexible are the terms.

You should never sign anything without first understanding your mortgage agreement. Find out if there are any penalties for extra payments.

Find out how the interest on the loan is calculated. If you have chosen a variable loan find out the length of each adjustment period. Find out how much of your monthly payments will be covering the interest and how much will go towards the capital.

As long as you do your research and find out as much as you can before making any decision, you can take much of the stress and worry out of this very important time in your life.

Special Loans (http://www.special-loans.com) specialises in providing secured finance where banks will not. If you have credit problems, are fully employed or self-employed, have income issues or employment issues, we have the best solution for you! We provide Non-conforming home loans offering wholesale home loan rates as well as Standard Home Loans, unsecured personal loans, refinance products.

http://www.special-loans.com

---

Mortgage Advice To Make Mortgages A Really Smooth Ride

Mortgages are easy as long as you understand them well.... Read More

Stop Foreclosure - 7 Tips to Save Your Home

Faced with the threat of a foreclosure on their home,... Read More

Why Choose a Home Equity Loan?

There are many reasons for choosing a home equity loan.... Read More

What is a Remortgage?

A remortgage is changing your mortgage without moving your home.... Read More

Reverse Mortgages: When Is One Right For You?

How do you know if a reverse mortgage is right... Read More

What Are Mortgage Brokers And Why To Use One

"Mortgage" is formed from two words: the French word "mort"... Read More

Should You Get a Home Inspection?

It's very important, and in my opinion, mandatory to have... Read More

What is a Capped Mortgage?

A capped mortgage is a variable rate mortgage with a... Read More

Refinance Your House

If you have seen all the advertisements regarding refinancing your... Read More

Some Mortgage Loans are Available with Absolutely no Money Needed From You

Today, FHA will loan up to 97 percent of the... Read More

Mortgage Refinancing - Does Size Matter After All?

Hopefully your ego has never had to experience the words,... Read More

How To Find A Mortgage With Bad Credit

Shopping online for mortgages ought to be trouble free, even... Read More

Finding the Best Home Improvement Loans

When the time comes to do work around the house,... Read More

Remortgage Serves To Rewind The Reimbursements Of Mortgage

It takes a mighty big effort to secure a home... Read More

Low Home Mortgage Interest Rate - Finding the Best Mortgage Rate

Interest rates are at an all time low, making now... Read More

Buying a House? How Much Home Can You Afford?

Maybe you've heard the expert advice that your debt to... Read More

Private Mortgage Insurance (PMI)

If your down payment on a home is less than... Read More

Sub-Prime Mortgage Loans - Things You Should Know About Sub-Prime Mortgages

Sub-prime mortgages are not that much different from average mortgages.... Read More

Should You Get an Interest-only Home Mortgage?

Before you consider taking out an interest-only mortgage, you should... Read More

What is a Home Equity Loan?

A home equity loan is a loan that is guaranteed... Read More

Is It Time To Buy A House?

At some point as you're writing out your rent check,... Read More

Mortgage Loans Explained In Plain English

With the many different kinds of mortgage loans out there,... Read More

Home Equity Loan Risks

Home equity loans give individuals a tool to extend their... Read More

Mortgage Info You Can Actually Understand!

This is a great time to Refinance Your Home or... Read More

Non-conforming Home Loans vs Conforming Loans

The simple definition of a "non-conforming home loan" is: You... Read More

Benefits of a Remortgage

There are many benefits in choosing a remortgage, some of... Read More

When Not To Agree To A Home Equity Loan

Before you borrow money on your home's equity, think twice... Read More

Home Mortgage Quotes Online - How Do They Compare To a Quote From a Broker in The Real World?

Online home mortgage quotes are very similar to the quotes... Read More

Finding the Online Homeowner Loans You Want

Online homeowner loans have been growing in popularity in recent... Read More

Refinancing Your House - How to Know Whether to Refinance or get a Second Mortgage

Refinancing your house's mortgage is not the same thing as... Read More

Why a Mortgage Professional Beats a Banker Every Time -- The Story Tells It All

The best way to explain why a mortgage professional is... Read More

Mortgage Free In 15 Years!

Imagine paying your mortgage off in 15 years! Think of... Read More

Choosing a Mortgage Lender

Just as there are many types of mortgages and mortgage... Read More