If you’re new here, you may want to subscribe to my RSS feed. Thanks for visiting!
One of the most important things you can do to ensure your future financial security is to buy a house, even if it means stretching your budget to the limit. For most first-time home buyers, stretching the budget is exactly what you will have to do in order to get a house. Nonetheless, most financial experts will agree that getting into a house is important because then you are putting your money to work for YOU instead of a landlord. The following article, by Jake Nathan, will give you some insight into the process of getting into your first home.
Step Inside Your Dream House with First-Time Buyer Mortgage
By Jake Nathan
Are you fed up of paying rents every month? Do you feel insecure because of not owning a house of your own? It is quite difficult for a first-time buyer to get loan on favourable terms and conditions. This is because such a buyer does not have a home to pledge. First time buyer is a person who is buying a home for the first time. A first-time buyer mortgage will enable the first-time buyer to fulfill his/her dream of owning a house with terms and conditions suiting specific requirements.
Since a first-time buyer has no prior experience in purchasing a house, he/she should be very alert and careful while choosing a mortgage deal. Selecting the right mortgage deal is very crucial for a first-time buyer. You should do thorough research on the Internet and get educated about the latest mortgage rates offered by the various lenders. Only then will you be able to choose a deal that best suits your requirements. You should select a mortgage deal in such a way that it does not turn out to be too expensive in the long run.
A first-time buyer will need to make a small down payment at the beginning of the purchase, generally about 5-10% of the purchase price. The rest of the cost of the home is financed by the lender in the form of a first-time buyer mortgage.
Before you apply for a first-time buyer mortgage, you should plan your budget accurately, depending upon your income. Then, evaluate the amount you need to deposit as the initial down payment. Based on this, assess the various available mortgage deals and select the one that suits your requirements most closely. Try to get advice on how to choose a mortgage deal from a panel of experts.
The advantages that a first-time buyer gets by applying for a first-time buyer mortgage are:
- Small monthly instalments
- Long repayment period
- Flexible terms and conditions
All the above help you to pay the installments conveniently.
The only drawback is that there is a probability of losing your home if you fail to repay the loan amount on time.
About The Author:
The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting Adverse-Credit-First-Time-Buyer as a Mortgage specialist. For more information please visit: http://www.adverse-credit-first-time-buyer.co.uk
Article Source: http://EzineArticles.com/?expert=Jake_Nathan