First Time Home Buyer Loans

Written by Ingrid Chen
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Buying a home for the first time can be a very exciting thing. You not only feel more independent than you ever have, you are investing in your future. You might be moving in with your new spouse in hopes of starting a family. When buying your first home, you don't want to feel stressed out or pressured. You want things to go as smoothly as possible.

It's a whole lot of fun to look at different homes knowing that you are in the market for one. However, once you find one, you then have to start looking for a place to get a mortgage. This can cause quite a headache for some people. You have to go through a consultation, fill out your application, wait to hear for up to two weeks and then go through closing and pay all the little costs and fees.

Being a First-Time Buyer

If you have never bought a home before, you should know that you are eligible for certain discounts. Ask your mortgage broker what he or she can do for you. Before that, however, you'll not only need to shop around, but you'll need to figure out what kind of mortgage you can afford. There are plenty of online calculators that will help you with this.

Once you do a search for online mortgage calculators, you will be asked a number of questions. These will be things like information on your income, expenses and current debt. Once you plug in all the figures, you'll get the maximum mortgage and/or monthly payments that you can make without going broke.

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