Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Find Your Local Branch
Back
Scroll to top

First Time Buyer?

Homebuying 3 min read

Ready to talk to an expert?

Find A Location Get In Touch

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.

What is a First Home Mortgage

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.

———

Sources:

U.S. News: http://money.usnews.com/money/blogs/my-money/2013/09/04/5-first-time-homebuyer-mistakes-to-avoid

Ready to talk to an expert?

Find A Location Get In Touch
Share:
First Bank’s Good To Know Logo
Sign up for our newsletter and be the first to know about new tips, insights, and products from First Bank.
First Bank may use this email address to contact you about products, services, and promotions.

You may be interested in...

Yellow house with gardens in the front The Impact of Home Ownership on Your Credit Rating If you're in the market for a home, you've probably spent some time cleaning up your credit. After all of that hard work, you may wonder what impact a mortgage will have on your credit rating. 3 min read
Construction tools and piping on top of blueprints New Construction vs. Existing Home: Points to Ponder if you’re weighing the pros and cons of buying a new versus an existing home, you won’t make a decision based on aggregate data. You’ll be comparing specific options. Here are some factors to consider. 3 min read
Jumbo Home Mortgage Loans If you are thinking of buying a home with a higher property value and can handle larger monthly mortgage payments, a jumbo loan could be a suitable option for you. Jumbo loans are typically offered with the same options as conventional loans, and you may even be able to add extra features, such as interest-only payments or temporary buydowns. What Is a Jumbo Mortgage Loan? A jumbo home mortgage, or non-conforming, loan is any mortgage amount that exceeds the conforming loan limit set by the Federal Housing Finance Agency. Because jumbo loans cannot be issued by Fannie Mae or Freddie Mac, they often carry more credit risk and have slightly higher interest rates than other loan options. The current conforming loan limit is set at $510,400 for a one-unit property in the contiguous United States (including D.C. and Puerto Rico). So, if you want to buy a house for more than $510,400, your loan will be considered jumbo. Jumbo loan limits also vary depending on location of property and number of units on it. In Alaska, Guam, Hawaii, and the U.S. Virgin Islands, jumbo loan limits are higher. Things to Consider: Interest rates are usually slightly higher with jumbo mortgage loans than on conforming loans with lower amounts. If you choose the interest-only option, you cannot build equity through monthly payments without making voluntary principal payments during the interest-only period. Jumbo Loans from First Bank: First Bank offers jumbo loans in a variety of fixed-rate and adjustable-rate options. To learn more about our Jumbo Loans or any of our other home mortgage options, visit your local First Bank branch to speak with a mortgage specialist. Loans subject to credit approval. ———- Sources: Jumbo Mortgages: Definition, Rates and Loan Limits http://www.investopedia.com/terms/j/jumboloan.asp https://localfirstbank.com/mortgage/loans-programs/jumbo-loans/ Locations 2 min read
Benefits of flipping houses The Benefits and Risks of Flipping Houses Before you run out and buy a home to flip, take the time to weigh the pros and cons. 4 min read