subject: Highlands Ranch Mortgages For First-time Buyers [print this page] A new home can be had for a fraction of the cost, simply by looking into foreclosed properties. Banks and private sellers view foreclosures as a liability, so they want to unload them quickly. And that can mean incredible savings for you as a first-time homebuyer. But you should know a few things before getting a Highlands Ranch mortgage loan.
For homes that are being sold by the previous owner, many times the situation is time sensitive. They are looking to sell quickly either because they want to start looking for another home, or want to unload what has become a financial burden to them. Most often, finding a seller in this situation can slash your new home cost nearly 10%.
Doing things the right way before buying your first home is important. And a broker can give you the help you need. Doing this will incur a fee, but it's important to remember that a broker will represent your best interests to lending institutions, and that can help you get the right price. They can also help make the process less stressful.
Your bank account will say a lot to lenders. If your account history shows there's a relatively stable flow of cash in your account, this will tell a bank that you can manage your money. But if you have large variations in your cash flow, such as big deposits and withdrawals, the bank may think you can't meet your obligations. This can result in a much higher interest rate once your purchase your home.
Many first-time buyers opt for an adjustable rate, or ARM mortgage. This type of mortgage allows for more freedom early on in the repayment process. But it's important to ensure that you won't borrow beyond your means. If you don't calculate what you can afford beforehand, you may end up paying more than you are able.
by: Teuta Caldwell
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