One of the foundations of the American dream is to become a homeowner. As a First Time Home Buyer, there are many perks to owning a home. First, home ownership provides you with the ability to purchase and customize a home to fit your specific lifestyle and needs. Second, it gives you access to tax deductions that can help reduce your overall tax burden and save you money. Third, it provides you with an asset that appreciates over time giving you an avenue of building long-term wealth through increasing property values. Buying your first home is a big decision, and we want to make sure you are prepared to take those steps toward home ownership when the time is right. There are a few different first-time home buyer programs which offer very competitive terms so you can afford the home you’ve always wanted.
Below are a few loan options you can consider when speaking with one of our licensed loan officers:
- Fixed Rate Mortgage – With this loan product, your interest rate will remain the same for the life of your loan. That means a predictable payment so you can budget properly for you and your family.
- Adjustable Rate Mortgage – This loan product has an interest rate that periodically adjusts according to one of several financial indices. Some advantages to this product would be having an initial lower monthly payment which may help you afford a larger home. It can also save you a considerable amount of interest payments if you know you will sell the house or obtain a new loan within the initial fixed period.
- FHA Loan – If you’ve had some credit issues in the past, or you don’t have a ton of money as a down payment for the home, this product may be right for you. FHA Loans are backed by the Federal Housing Administration and usually come with lower interest rates than standard Conventional Loans.
- VA Loans: If you’ve served in the military you may be eligible for this loan. VA Loans are guaranteed by the Department of Veterans Affairs. Some major benefits to this loan are that little to no down payment is required and it does not require any mortgage insurance.
There may also be down payment assistance programs that you can also take advantage of when purchasing a home if you meet certain criteria. If you’re not familiar with the home purchasing process, we have resources such as our Mortgage Glossary that can educate you on specific terms that are used throughout the process.
If you would like to know how much your monthly mortgage payment will be based on a few simple details regarding a new purchase, use our helpful Mortgage Calculator.