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First Time Home Buyers Tips
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The first step in getting started buying a home is to come up with a budget. When you have your budget in place, and know what you comfort zone is, you are going to want to contact us to speak with one of our mortgage specialist to find a competitive loan package to meet your individual needs. FHAlendinggroup.com can help you with this step of the process. We have well trained staff in place to answer all of your mortgage questions.
It is also important to make sure you take the time to fully compare the mortgage packages offered by FHAlendinggroup.com to make sure your can make an informed decision. Today there are more mortgage products on the market than ever before. A few of the factors you should take into consideration when reviewing each loan offered include:
- Interest rate
- Repayment terms or the length of the loan
- Fees charged for the loan
Always be sure to ask your FHAlendinggroup.com reprehensive you are working with to explain the difference between the interest rate and the APR. One mortgage program may have a lower rate and a higher APR while other options may offer a little higher rate and a lower APR. These are the kind of things that make us different than most lenders out there. Other lender may be charging a lower interest rate because that rate includes the purchase of discount points. In some cases, it can be to your advantage to purchase discount points to lower the interest rate. But, you will only know whether it’s a good deal if you also know the complete details of how much it will cost, and what the break even point is.
While traditional mortgages are repaid back in terms of 15, 20 and 30 years, longer mortgage terms are making it possible to spread out the life of your loan even longer. FHAlendinggroup.com is now offer repayment terms all the way up to a 40 year term. The advantage of these longer terms allows you to achieve lower payments on larger loans. Keep in mind; however, that means paying longer on your mortgage and paying more interest over the course of the loan. Still, for many people looking to keep their mortgage payments low, this can be a great solution. Be sure to ask your FHAlendinggroup.com reprehensive if this is an option for you.
It’s not uncommon for lenders to charge fees for loan processing or origination, recording, attorneys and recording of legal documents. Sometimes; however, the fees charged may not be all that clear. Always ask up front what fees are being charged, how much is being charged and exactly what that fee covers so there is no miscommunication. Here at FHAlendinggroup.com we do not charge any origination points at all!!
FHAlendinggroup.com can help you in your next home purchase. Weather you are looking for an FHA, VA, Conventional, or Jumbo loan product we have a train staff in place to meet your every need. Give us a call and join our family!