Finding the Right Mortgage As a First-Time Home Buyer
If you’re buying a home for the first time, finding the right mortgage loan might seem like a big hassle. However, if you take the time to look through all of your options, you should be able to make a good decision that you won’t regret in the future. The following tips and guidelines should make the mortgage process more straightforward and easier to understand.
Learn More About Your Credit History and Current Score
If you want to obtain a lower interest rate and qualify for better types of loans, it’s important that you have a relatively high credit score. Higher credit scores almost always equate to better loan terms. As for your credit history, having a lengthy history means that you’ll have a better chance of qualifying for a loan. Make sure that there are no mistakes on your credit report before you apply for a loan. If there are, it’s very easy to correct the discrepancy by contacting the appropriate credit agency. (Read more on how to properly qualify for a mortgage loan.)
Selecting a Mortgage Lender
Consider Assistance Programs or Government Loans
There is a range of assistance programs available from certain state housing finance agencies and lenders that will help first-time buyers make a down payment or pay for their closing costs. Nevada has more than half a dozen loan programs that you might be able to apply for. As for government loans, certain types of loans can provide you with lower interest rates while also allowing you to apply even if you have low credit. These loans include USDA, FHA, and VA loans.
Request Several Quotes
To be certain that you’re obtaining the best terms with your mortgage loan, make sure that you request several quotes. The most important aspects of these quotes to compare include possible origination fees and the annual percentage rate of the loan. No matter which type of loan you think is best for your situation, it’s recommended that you search for the best loan officer in Las Vegas to help you find the lowest interest rates.