First Time Home Buyers Info

If you're going to start looking for your first home--and assuming that you can't pay cash in full for it--then you'll need some first time home buyers info. Like the info pole that lets you know this is the place to find all your information, this page will give you some cool mortgage tips.

Home Loan Tips Include:

• Use mortgage calculators
• Obtain down payment assistance
• Be selective and research your mortgage program
• Investigate an FHA loan

Home Loan Tips #1: Use Mortgage Calculators

An important part of your first time home buyers info is knowing that there are various mortgage calculators online.

Calculating your future mortgage payment depends on one of these calculators, which every loan officer uses (either as a calculator or, more likely, as a wall chart). When you use one of these calculators, you take the loan amount, divide it by one thousand, and then multiply it by the appropriate factor which itself encapsulates length of loan and interest rate. This will give you your monthly payment.

You can use imaginary rough estimate home price amounts to plug in or you can base your entered data upon an actual house that you have your eye on. The mortgage calculator will let you know how to figure out that mysterious monthly loan payment amount. This helps you figure out in advance what amount of loan and what range of interest rates you could afford.

Home Loan Tips #2: Find Down Payment Assistance

As a first time home buyer, you are more likely to need down payment assistance. First time home buyers info would not be complete without knowing how to get hold of information about this assistance.

Home Loan Tips #3: Research Your Mortgage Program

There are many different mortgage programs out there now. Don't be sold on any of them that balloon--that is, they start off with a low, low payment and interest rate but after a certain period, say one to three years, that rate and payment balloons.

They get way bigger really fast. This is the kind of mortgage loan that got so many lenders and borrowers in trouble. (You as a borrower cannot be forced to take any kind of loan--you have free will and a choice.)

Home Loan Tips #4: Investigate an FHA Loan

If you can only come up with a very small down payment, an FHA loan could be your answer. You can borrow up to 97% (sometimes as high as 97.75%) of the sale price with this type of loan.

The interest rates are above par--that is they are higher than for conforming loans for people with good credit--but, they are still lower than for other types of non-balloon mortgages. You will, in other words, get a very good interest rate and not have to rely on grants or assistance.

One note: you need to look up the FHA loan limits in the county where your target home is located before you know if this is a viable option. However, for the great majority of first time home buyers their loan needs fall within FHA limits. .

These are some of the most important pieces of first time home buyers info that can help you secure the best possible loan for your needs.

Do you have more questions? Have a Question is an awesome place to look for answers and if you cannot find what you are looking for, it is also a good place to ask all your questions. Go ahead...pick my brain!

Here are some online mortgage calculators that you can use to figure all sorts of things.

Would you like to know more about what down payment assistance programs there are out there? Click on the above link for a wealth of information.

Perhaps you would like to know more about the FHA home loans product. Click on the FHA home loans link for a ton of information on their products.

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