5 Great Lenders Who Offer Mortgages for First-Time Homeowners
Buying
For people looking at buying their starter homes, navigating the world of mortgages for first-time homeowners can be terrifying. From understanding how much of a mortgage to take out to finding a lender to offer the mortgage in the first place, everything about this process can be stressful.
Luckily, there’s help.
In this article, we’ve compiled a list of five of the best lenders who offer mortgages for first-time homeowners.
Read on to learn more.
Where to Find Mortgages for First-Time Homeowners: 5 Lenders to Consider
If you’re searching for your first mortgage, look into these five lenders:
1. AmeriSave
AmeriSave is a direct lender that offers a wide selection of mortgages to first-time homeowners. A popular choice among people who have never secured a mortgage before, this bank offers a variety of terms and interest rates for borrowers.
2. Bank of America
Bank of America is a household name in mortgages. They offer a simple mortgage loan calculator and a variety of loan options for different borrowers, which makes them an attractive choice for many first-time homeowners around the country.
3. Citi Mortgage
An offshoot of Citi Bank, Citi Mortgage helps people take out new loans, refinance their homes, and calculate how much mortgage they can afford. The corporation’s website also allows users to browse properties owned and sold by Citi itself.
4. LoanDepot
LoanDepot is a little-known but increasingly popular service that allows first-time homeowners to learn about their mortgage options. Offering instant rate quotes on both new mortgages and refinances, this site is a critical stop for anyone considering purchasing a home.
5. Wells Fargo Mortgage
Wells Fargo Mortgage service is a convenient, one-stop shop for people who want to learn more about purchasing a home, conducting home renovations, refinancing a home, or taking equity from a home to cover an emergency or unexpected expense, Wells Fargo Mortgage is a perfect place for any first-time homeowner to gather information.
Tips for Securing Mortgages for First-Time Homeowners
Finding a mortgage for a first-time homeowner can be a confusing process. Luckily, these tips can help streamline the process:
- Monitor your credit. Having a good credit score can go a long way toward helping you secure a better rate. With this in mind, keep an eye on your credit as you prepare to apply for a mortgage. If your credit score needs some work, take the required steps to improve it and clear off penalties. This will help you get the best possible mortgage for your first home purchase.
- Talk to a financial counselor. A financial counselor can help you understand how much home you can afford, and will equip you to make the smartest possible financial decisions. Start by taking an honest look at your assets and your debts, and build up your financial plan from there.
- Evaluate the various types of loan At this point, you’ll need to determine which type of loan is best for you. Options include fixed or variable rate mortgages, and various term lengths.
Your Perfect Mortgage Starts Here
While the process of taking out your first home loan can be intimidating, these five home lenders will help you locate your perfect loan, and these simple tips can help you ensure that the entire loan process goes as smoothly as possible.
