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First Time Buyer?
For most of us, buying a home is the largest purchase we’ll ever make. If you are a first-time homebuyer, you may be asking questions like, “What is a first home mortgage?”
What is a First Home Mortgage?
A first home mortgage is a loan you will use to purchase your first home. These loans can come in a variety of forms, from conventional home loans to FHA loans for first-time homebuyers.
First Bank offers the following mortgage loans* for first-time homebuyers:
- Conventional Loans
- Government loans
- Professional loans
- Construction loans
- Jumbo loans
In addition to providing a selection of mortgage opportunities, First Bank also offers a wealth of information about what a first home mortgage is and what can be expected when shopping for your first home.
Tips for Buying Your First Home
Knowing what a first home mortgage is can go a long way toward easing the process of turning that key for the very first time. U.S. News and World Report highlighted some of the most common mistakes first-time home buyers make and how you can avoid them. Among them were:
- Searching for your dream home before being pre-qualified for a loan. The reality of what a first home mortgage is can be vastly different than what you were hoping for. Take the time to seek out a mortgage loan specialist at a place like First Bank so you can find out what you can afford and what your expected monthly expenses will be.
- Thinking short-term. First-time buyers are often so focused on moving in that they don’t ever consider moving out. Chances are, you’ll one day be ready to move into another home as you start a family or change jobs. Think about the factors that will affect how you’ll be able to sell your home in five years such as economic growth in the area or neighborhood expansion.
- Making an emotional decision. It’s important to sign a mortgage paper with your head and not with your heart. You may be overlooking some serious red flags such as expensive repairs, structural damage, or mold simply because you’re in love with the open layout.
Find a First Bank Near You
Ready to get started? Check out First Bank’s guide for first-time homebuyers and find a First Bank near you to speak to one of our loan specialists.
*Loans subject to credit approval.
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Sources:
U.S. News: http://money.usnews.com/money/blogs/my-money/2013/09/04/5-first-time-homebuyer-mistakes-to-avoid