Check out these mortgage loan tips for first time home buyers with helpful resources. Learn more about the process and getting pre-qualified.

If you’re wading into unfamiliar real estate waters for the first time, we’ve got some mortgage loan tips for first time home buyers that can help! Educating yourself on the mortgage loan steps helps you make an informed decision and lessens the stress that comes with buying your first home.

πŸ’΅ Mortgage Loan Types

There are many kinds of mortgage loans, and it is important to choose the kind that makes the most sense for your personal financial situation. A conventional mortgage will yield the best interest rates, but not all first-time homebuyers will qualify for this type of loan.

A government-sponsored FHA loan is often a good choice for many homebuyers jumping into the market because it requires less money down. If you’re a US military veteran, you may qualify for a loan through the U.S. Department of Veterans Affairs.

mortgage loan veterans affairs

🏦 Understanding Mortgage Rates

An adjustable mortgage loan rate is a bit riskier because it changes based on the current real estate market and interest rates as they fluctuate. If you plan to stay in the home for a short time before upgrading to a different house, this may be a good choice.

If you plan to live in the home for longer than five years and stability when it comes to your monthly mortgage payment is important to you, it’s a good idea to choose a fixed rate. This type of loan has an interest rate that is locked in at the time of your purchase.

mortgage loan rates

πŸ“² Contact The Wilson Group

We can help!
We strive to make our client’s real estate transaction an overall great experience. Our business model is deeply founded in the fact that it is all about the experience! Give us a call at 804-396-4625.

πŸ“‹ Mortgage Loan Qualifications

There are a variety of factors that go into how much house you can afford. In addition to income verification, a lender will look at your credit history and how much debt you are carrying.

Knowing your credit rating and the income-to-debt ratio will help you prepare for meeting the loan qualifications. It’s a good time to get a free annual credit report and clean up any outstanding debts.

βœ… Get Pre-Qualified for a Loan

Empower yourself during the search for a new home by getting pre-qualified for a home mortgage loan. During the pre-qualification process, the lender will look at the financial information you provide to determine the amount you may receive when applying for a mortgage loan.

If you want to put even more power behind your search, get a home loan pre-approval. The process for a pre-approval is more in-depth, but it gives you a specific amount for which you qualify. This pre-approval letter can save you time when searching for homes and let sellers know you are serious.
Atlantic Bay Mortgage Group
Click here to learn more about The Seim Kirk Team and how they can help you get pre-qualified for a home mortgage loan today!
happy women with mortgage loan approval letter
Mortgage Loan Tips for First Time Home Buyers
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Mortgage Loan Tips for First Time Home Buyers
Check out these mortgage loan tips for first time home buyers with helpful resources. Learn more about the process and getting pre-qualified.
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The Wilson Group
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