For first time home buyers, the mortgage lender is the key to you getting a good deal on your home. You have to check out a lot of different lenders and make sure you find the best one for your situation and that they are giving you the best deal that they can. That is why you need to know the basics of choosing a mortgage lender before you start shopping for your first home.
You want a mortgage lender with a variety of loan options and that will clearly explain how all of them work to you so you can choose the best one. You want to make sure you get a loan that is going to work with your financial situation and that is not going to cost you too much money. There is more than the type of loan to worry about, though. All loans have extra costs so make sure you get one with as few extra costs as possible. Other things to ask a lender about include prepayment penalties and rate locks.
It is also important to know how much money your lender will make from your loan and how the lender will make this money. It is possible to get discount points and lender guarantees, which can save your money on the interest rate. Your loan should always be set up so you don’t get a penalty for something you shouldn’t and so you get the best deal possible.
When you are choosing a mortgage lender for first time home buyers, you have to be sure that the loan you choose is right for you. There are many things to think about including the closing costs, how long the loan takes to close, and other things. You need to know what questions you want to ask and put them in writing so you are ready for your meeting with the lender. If your lender won’t answer your questions, that lender is not right for you.
No matter if you are first time home buyer purchasing your first home, you need to know all about what you want and need before meeting with a lender. You need to understand how the loans work so you can make sure you get the best deal for your financial situation.
Based upon the “full-cycle lending system,” the Fairbanks NHS Loan Program opens home ownership opportunities to first time home buyers of modest means‚many of whom never thought they would live in a home of their own. Its six parts are: home buyer education One-on-one counseling sessions, seminars, and the newly-designed home-buyers’ club explain the complete home purchase process, and cover credit and budget counseling.
Fairbanks Neighborhood Housing Services, Inc. Homebuyer Purchase Loan Program guarantees a $60,000 loan to first time home buyers. To get more information call (907) 451-7230 or visit their website.
This first time home buyer program is subject to change and may no longer be available. Not all first time home borrowers will be approved for the Fairbanks Neighborhood Housing Services, Inc. Homebuyer Purchase Loan Program. There are other programs including the Alaska FHA Home Loan that can help buyers who have little to no savings for a down payment and/or settlement costs.
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