Adjustable rate

Now that you have chosen your new home and have agreed upon a fair price, it is time to close the first time home loan. This is where you finalize the fixed or adjustable rate, the 15 or 30 year amortization, and the amount of your down payment. Remember to ask questions and negotiate, as many of the fees associated with first time home financing can be waived. Although the first borrowing process can be stressful, it all becomes worth it when you sip your first cup of hot coffee in your new investment.