First Time Home Loans

1. Before acquiring a first time home loan, it is wise to compare interest rates.

Financing programs vary from company to company. Companies, banks and lending institutions all offer different interest rates and repayment plans. The more informed a borrower is, the more competitive they can be when choosing a funding source for the first time.

2. Most people apply for a 30 year pay-off for their first time home loan.

It takes 30 years to pay off the most popular type of home finance funding. Because the monthly payments on a 30 year loan for a home are less than a 15 year plan, many people opt for the 30 year plan. Before doing this, however, consider how much interest will be charged at the end of making payments paying for 30 years versus the interest charged after making payment for 15 years.

3. A first time home loan can only be acquired through a bank.

Many lending companies specialize specifically for first time home buyers. Often, these companies offer more flexible financing plans for people with bad credit or other special needs. A variety of lenders can easily be found and researched on the Internet.

4. First time home loans are difficult to apply for.

With the increased use of the Internet, it is fairly fast and easy to apply online to if you qualify for home financing. It is even possible to go through the entire home loan process online. Most home financing lenders also have qualified counselors available to guide a borrower through the decision making process.

5. A first time home loan can be a wise investment.

Proverbs 11:24-26 - There is that scattereth, and yet increaseth; and there is that withholdeth more than is meet, but it tendeth to poverty. The liberal soul shall be made fat: and he that watereth shall be watered also himself. He that withholdeth corn, the people shall curse him: but blessing shall be upon the head of him that selleth it.

Home Equity Loan

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