Home sweet home...and it is sweeter when the home is your own!! Isn't it a wonderful feeling when you enter your own...yes your own home? We all crave to purchase a home of our own. However, home purchasing is not less than a challenge, especially for the first-time buyers. First-time buyers have no prior experience of purchasing a home, about the current mortgage rates prevailing in the market, the types of mortgage deals available, mortgage brokers, the real estate market and so on. A first-time buyer needs to be guided in selecting the right mortgage deal for buying the dream home.
First time buyer mortgage deals are designed specifically for those who plan to purchase a home for the first time. First-time buyers get a number of advantages when they go for the First time buyer mortgage. The most lucrative of them are a low interest rate on the loan and a long repayment period. These, in turn, lessen the financial burden on the borrower as he/she can repay the loan in small monthly instalments. A first-time buyer needs to make a small payment in the beginning, known as the down payment. This is imperative for proving that you are capable of repaying the debt that in turn helps to gain the confidence of the lender. This really helps the borrower propose for favourable terms and conditions for the mortgage. After the down payment, rest of the purchase amount is borne by the lender.
A first-time buyer also gets special offers with the mortgage, such as free property evaluation and no legal fees.
It is very crucial for first-time buyers to do a thorough research on the Internet regarding the mortgage deals available, the lenders in the market, current mortgage rates, etc. and then select the best first time buyer mortgage deal
