3 Useful Mortgage Tips For First Time Buyers

3 Useful Mortgage Tips for First-Time Buyers

by

Ted Simpson

The real-estate market in the USA is showing clear indication of improvement. If you\’ve been planning on buying the home of your dreams then you need to take action immediately. Despite the fact that interest levels have been increasing continuously within the last few couple of months, with some effort you may still get a great offer. It\’s also worth noting that there are numerous foreclosed homes on sale right now but the number is expected to reduce in future months. In a few months it may become impossible for you to chose a low cost foreclosed house.

If you\’re a first-time customer then you might have a lot of questions in your head. On this page we\’ll try to answer some of these questions and support you in finding the best first time buyer mortgages 2013.

– It\’s obvious that you can not get a good home loan offer if you don\’t have a decent amount of money for first deposit. In the early 2000s home loan specifications were really lenient and it was simple to find 0% downpayment loans. Sadly that isn\’t the situation any longer. Right now 95 mortgages are the most common. To get these loans you have to pay 5% of the loan upfront. FHA house loans are the only mortgages that allow a down payment lesser than 5% however these financial loans have drawbacks of their own.

If you don\’t have ample funds for deposit then you should start saving right away. Keep a close eye on your spending habits and get rid of all of the needless expenditures. If you don\’t have a bank account then this is the time to get one. These days some home loan providers are offering savings accounts that are linked to the mortgage. The more money you save, the lower mortgage rate you\’ll receive. Keep in mind that this might be your final opportunity to reap the benefits of record low loan rates.

– In regards to house prices, location can make a major difference. In certain cities prices are unbelievably low while in others they are sky high. If you can relocate very easily then you should check the prices in a number of cities and select the most cost effective option. Prices may also differ within a city. For instance if you wish to purchase a house in the middle of the city then naturally you\’ll have to pay more. On the other hand if you do not mind residing in one of the neighboring towns then you can get a much bigger house for the same price.

– As a first-time customer you might run into some mortgage servicers who provide bargains that seem too good to be true. You need to keep away from such mortgage providers because most of them are fraudulent.

Looking to take advantage of record low rates and wish to purchase or refinance your home?

Blue Home Loans

can help you find the

best first-time buyer mortgages 2013

.

Article Source:

ArticleRich.com