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7 Mortgage Questions for First Time Homebuyers

7 Mortgage Questions for First Time Homebuyers

If you are buying a home for the first time, the process can be overwhelming (to say the least). Not only do you need to find the right home, but it’s likely that you will require a mortgage to complete the purchase.

Nobody wants to choose the wrong type of loan. Furthermore, nobody wants to get hooked up with a mortgage lender that doesn’t have their best interests in mind. That being said, here are seven of the most common mortgage questions that first time homebuyers should answer:

1. Will you opt for a 15 or 30 year mortgage?

2. Will you opt for a fixed or adjustable rate mortgage?

3. How much money are you able to put down on your purchase?

4. What are the benefits of relying on the service of a mortgage broker?

5. What type of documentation is required by the mortgage lender?

6. How much money should you expect to pay in closing costs?

7. How many lenders should you receive quotes from?

These are far from the only questions to address as a first time homebuyer, but the answers will put you on the right track.

Buying your first home should be one of the most exciting times of your life. Don’t let this joy turn into pain by making mistakes as you search for and secure a mortgage.

In the end, what matters most is that you find a lender that offers a competitive loan product that suits your every need. If you accomplish this, everything will come together.

What other questions should a first time homebuyer address? 

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A Few Things to Know About FHA Loans
 

Comments 1

Frank on Sunday, 22 May 2016 17:40

On number 7, I would recommend getting quotes from at least 5 lenders. This is a big decision and a lot of money over time. You should try to get the most competitive rate possible.

On number 7, I would recommend getting quotes from at least 5 lenders. This is a big decision and a lot of money over time. You should try to get the most competitive rate possible.
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Monday, 14 October 2019

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