Borrowers

The financing usually has an average predetermined interest rate range, however, credit score can affect that range. Borrowers should monitor their credit report before applying for first time home buyer loans. By monitoring the report, a borrower can be certain that there are no inaccuracies affecting their score, which ultimately affects the interest rate. The borrower can also seek loan counseling prior to application and receive advice and methods for improving the credit score. These programs also inform the borrower of what to expect when owning their first home. Those that are not prepared will find that home ownership can be much work.