First Time Home Buyer Loans Made Easy

When it comes to firsttime home buyer loans, a little research can save you thousands of dollars over the life of your mortgage.

A wise consumer selects a mortgage lender prior to shopping for a home. You see, firsttime home buyer loans can end up costing you a lot more than you bargained for if you shop for your home first.

What often happens is you fall in love with a beautiful home that is on the outside range of what you can afford. And because you have invested interest in this particular piece of real estate you're more inclined to go into a loan situation you can ill afford.

To make sure you can realistically afford your mortgage payments, it's best to understand all the potential costs upfront before you fall in love with that dream home that is really outside your financial comfort zone.

It will take some research and comparison shopping in order to find both the best lender and the best in first time home buyer loans.

The loan package best suited to your needs will offer you terms you can handle now and in future. It's important when looking for firsttime home buyer loans you take into account your future plans. For instance, are you planning on starting a family? If so, it's important to consider the potential reduction in your family finances if you or you spouse decides to take some time off to raise the child(ren).

Further, if you have poor credit, you'll be required to pay a higher rate of interest than those who have a good credit rating.

When it comes to first time home buyer loans, the amount of your down payment will also be taken into account when your interest rate is calculated. Think of it this way, the larger the down payment, the better the interest rate. So, before locking yourself into one of the firsttime home buyer loans currently on the marketplace, you'll want to consider the advantages of contributing a decent down payment. This will keep both your interest rate and your payments much more reasonable.

Among the options for first time home buyer loans are variable rate and fixed rate mortgages. The first fluctuates over the course of your mortgage and the later keeps payments the same.

Another factor to consider is your debt to income ratio. In other words, the amount of money you bring in opposed to the amount that goes out. When determining your debt to income ratio you must take things like car payments, student loans and credit card balances into account.

There are programs available to assist firsttime home buyers in obtaining a loan. Talk to your lender and do some research of your own to discover the best option for you.

Remember, when shopping for first time home buyer loans no question is stupid. It's very important that you understand the ins and outs of any mortgage loan prior to signing on the dotted line.

Paul Jesse is a retired government employee and author of numerous financial and home business articles. For more informative articles visit his site. http://www.sheamarketing.com/Firsttim e-Home-Buyer-Loans

---

Adverse Credit Mortgage Loan - Persistence is the Key to Getting Approved

People with bad credit that are looking to get a... Read More

Understanding Mortgage Basics

As common as mortgages are, there are a surprisingly large... Read More

How To Get The Best Home Equity Loan

Are you wondering how to get the best Home Equity... Read More

Home Equity ? Is it Time to Cash Out and Move?

During the last five years, home prices have increased nationwide.... Read More

Total Cost Of Credit vs Monthly Payments

I read a press release the other day which points... Read More

Home Loans -- The Hot New Product? The 30-year, Fixed-rate Mortgage

In recent years, the mortgage industry has introduced dozens of... Read More

Be Prepared when Seeking a Mortgage

When you're looking for a mortgage, whether it's a first... Read More

Bad Credit Home Loans - Pre-Approval is Still Possible With Adverse Credit History

If you are among the millions with less than perfect... Read More

5 Ways to Use Your Home Equity Line of Credit

Your home is a source of pride and accomplishment. Did... Read More

Flexible Mortgages - Offering Relief from the Fixed Mortgage

A pension mortgage may seem lucrative at the first sight.... Read More

Refinancing Your Home Mortgage Loan

You're considering refinancing your home mortgage loan to save money.... Read More

Home Equity Line of Credit or Second Mortgage Loan Online - Things To Do With Your Homes Equity

If you are wanting to get a home equity loan,... Read More

5 Tips for Savvy Use of Your Home Equity Line of Credit

Tapping your home's equity to pay college expenses, consolidate credit... Read More

Understanding a UK Commercial Mortgage

In many ways a commercial mortgage is just like a... Read More

Buying a House? How Much Home Can You Afford?

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

What Are Mortgage Brokers And Why To Use One

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

No Fee Mortgages Coming Soon

Buying a home, especially for the first time, can be... Read More

A Guide to Finding the Cheapest Home Improvement Loan

To find the cheapest home improvement loan that you can,... Read More

First Time Buyers Fail To Shop Around

Almost two thirds of first time buyers accept the first... Read More

A Qualified Mortgage Consultant Can Help Boost Credit Scores

Consumers interested in purchasing or refinancing a home will pay... Read More

Mortgage Tips For The Frantic

It is a curious fact of human nature that people... Read More

Mortgage Prepayment Penalties - Just Say No

One of the most common terms found in a new... Read More

Sound Financial Standing Entails Capital Raising Remortgage

Raising capital is integral for growth and expansion of an... Read More

Adjustable Rate Mortgages - Understand the Benefits Compared to a Fixed Rate Mortgage

Adjustable rate mortgages can be very tempting to home buyers,... Read More

Mortgage Broker or Assassin? A Banker Who Offers You This Loan May be Trying to Kill You!

What if a banker or mortgage broker told you he's... Read More

Mortgage Advice To Make Mortgages A Really Smooth Ride

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

Uk House Price Increases Take A Summer Holiday

Property website Rightmove has released its latest house price index... Read More

Home Loan Lenders - Finding the Best Home Mortgage Lender

The process of obtaining a mortgage or home loan can... Read More

Reverse Mortgages ? a Reversal of the Mortgage Process

Mortgages have assumed a number of characters from the time... Read More

A Mortgage Loan For Homes

Everybody wants to own a house because it is something... Read More

Should You Choose to Refinance?

Refinancing has become a valid option for many individuals with... Read More

Mortgage Pre Approval - Getting Pre Approved For a Home Loan Online

A pre-approved mortgage is a must in a competitive housing... Read More

Types of Financing for Your Mortgage

When financing a home purchase, the kind of mortgage you... Read More