ssbzb: Look For Flexibility in First Time Home Loans

Friday, 3 February 2012

What do you need to look for in a mortgage program as a first time home buyer? Here are a couple of tips and guidelines:

Flexibility - Make sure you get a program that offers a monthly payment you can really afford. Be honest with your mortgage broker if your payment seems out of reach. They may be able to suggest a three or five year ARM mortgage with a lower interest rate and lower payments or an interest only loan to get you into your home without giant mortgage payments.
Building Better Credit - If your credit isn't perfect, your mortgage broker can probably find you a program that will help you build you credit up. The payments may be flexible and as you make more payments on time, your interest rate may even drop!
Long Term Goal - Are you planning on staying in this home forever, for three years, for five years? Communicate your goals to your lender because in situations like these they may have several mortgage options from which you can choose.

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