Choosing the Right Mortgage for Your First Home

Someone said buying your first home is just like choosing the first school for your first born. You want the best, you have limited budget, and you have no clue. We understand that situation. There are so many factors involved in such crucial decisions, and being a novice doesn’t really work in your favor. It is not just about the right building and neighborhood, there are many other choices to make including the right mortgage.

To be honest, the number of options doesn’t really help. While we provide complete real estate consultation in person, here is a brief guide to help first time home buyers get an idea about different mortgage options. There are two major categories you need to know of.

• Fixed Mortgages – Fixed mortgages are stable or safer options because you choose a rate you know you can and would be able to afford for the rest of the term. No matter how the real estate industry fares in the future, no matter how the rates hike, your mortgage rate will remain the same.
• Variable Mortgages – In contrast to fixed rate options, this one is a little risky but it can also turn out to be extremely beneficial. The interest rate for variable mortgages changes according to the real estate market conditions. During the past three years, variable mortgages have helped Americans take full advantage of the historically low rates.

And then there are plenty of ‘New home buyer’ mortgage deals that offer a whole new level of benefits, but these aren’t accessible to most people, unless you are working with a reputable real estate agency well connected with major lenders. Reach out to us and let us help you access these deals!