Homebuying and mortgages are a major financial commitment, so you want to find a lender who you can trust. Check out online reviews of mortgage lenders to see what other people are saying about them.
If you’re a first time buyer, look for a lender who offers special programs for first-time buyers. These may include down payment assistance or help with closing costs. They also may offer more flexible requirements when it comes to credit, income or other aspects of the mortgage application.
Variety Of Options
It’s important to find a lender who understands these unique needs and can provide the right mortgage for you. Look for a lender who can answer all of your questions clearly and explain the entire mortgage process step by step. A good lender will also be upfront about their fees and not bury hidden costs in the fine print.
Getting pre-approved for a mortgage is an important first step when buying your first home. It will give you a clearer picture of your budget and help avoid sticker shock.
Many mortgage lenders offer special programs for first time buyers, including lower down payments and lenient credit requirements. You may also be eligible for state or local assistance with closing costs and education.
Low Down Payment
When it comes to mortgage options, first time buyers need to look for a lender who offers a low down payment. This is because they may not have enough savings to pay for a large down payment.
Conventional wisdom says you need to put 20% down to buy a home, but this is not always true. You can purchase a home with as little as 3% down if you choose the right mortgage program.