New House, New Mortgage

Thursday, September 30, 2010

Your family might be growing, you may have just been married, or it may finally be time for a little more elbow room.  Whatever the case may be, buying a house for the first time is a very exciting time, but also a little daunting.  Now that you’ll have a house, you won’t be dealing with rent anymore, you’ll have a mortgage.  Home mortgages and all the terminology that goes with them can be confusing to new homebuyers.

However, with the resources out there, understanding home mortgages doesn’t have to be a pain in the neck. When you’ve found your dream house, there are a few important questions to answer before you start your mortgage shopping: How is your credit?

Generally those with a good credit score are able to secure lower interest rates on their mortgage, and perhaps lower monthly payments.  How much of a down payment are you looking to make? Larger down payments can lower your monthly house payment.  How about a fixed rate or variable mortgage? What kind of term will suit you best?  Do you know if you're eligible for a special loan as a first time buyer?

The most important thing to do when looking at home mortgages is to take a little time and do your research.The Internet has many resources for those looking to compare home mortgages, and a call to a local lender may be able to provide you with more detailed information.  Your family or friends can help you in your home-buying process too; they may be able to help with new concepts and share experiences or offer their own mortgage recommendations.  They may even be able to lend a hand on moving day too.
 A Mother's thoughts is the most precious of all. Join me as I Journey to Life. Photobucket

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