When buying a home loan for the first time, grants could provide you free money for your down payment or for closing costs on your first home. The fact that it is free makes it all the more appealing.
However, there are some who would claim that getting a first time home buyer grant has the tendency to drive up the prices of properties that would have cost lower. Take these into consideration when doing your negotiations with your broker.
These grants take the burden of having to put cash upfront to complete your home purchase off your shoulders. Many sites like https://www.sumerhomeloans.com, provide information on first time home buyer loans.
Buying your first home today seems to be a good time as the outlook for the mortgage market is clearing. It is in fact on the brink of an upsurge, or so experts believe. If you want to lock into low interest rates on your mortgage, now is the time. Look at your various options in interest payments.
There are fixed interest mortgages that lock you in on a particular interest rate for a period of time. And then there are adjustable rate mortgages (ARM) that re-price your interest rate periodically. See which one would work best for you. In a long-term mortgage where interest rates are predicted to be consistently moving upward, it would be a good idea to lock into a fixed-rate mortgage.
ARMs, on the other hand, would be good for short-term mortgages in a highly volatile market. Discuss your options thoroughly with your loan officer so that you are able to take advantage of every deal you can get – you are, after all, making a major purchase.