First time home buyer information on how to get the lowest mortgage rate possible
As a first time home buyer it's important to get all the information about your fianncing straight. Buying a home is a big step in our lives and one of the most exciting. Your first home is where some of your best memories will be started. As first time home buyer finding a low rate mortgage to keep your payments down is one of the most important considerations.
Most of us look for the lowest interest rate available, but there are other factors you should look at as a first time home buyer. The rate to a certain extent will determine the total cost of your loan and will determine your payments. However, the type of payment you choose also has a large impact on the cost of your loan. For example, paying your home loan every two weeks instead of once a month will take 8 years off a 25 year mortgage and dramatically lower the interest paid on your mortgage. Likewise, if you choose a shorter amortization period (20 years vs. 25 years), your payments will be a little higher, but your first time home buyer mortgage will be paid off sooner resulting in less interest being paid over the term of the loan.
If you are out searching for the perfect home don't overlook the older home that just needs remodeling or simply a new kitchen. As a first time home buyer you can afford to stay in your home a little longer and redecorate as new ideas come up. If this is a new home don't forget to add about 5 to 10% of the cost for landscaping. This is one cost that is over looked very often and can cost thousands later on.
We have searched the Internet for you to find the best first time home buyer mortgages with the best terms available. All home loan and mortgage applications are free and the service is very fast.
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