First Time Home Buyers Loan

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Complete Information On Getting a
First Time Home Buyers Loan.

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Getting a first time home buyers loan is not as easy as it was a couple of years ago. The subprime mortgage crisis has caused banks to tighten their lending standards. The qualification process is now more stringent. As can be expected, some banks have gone too far with the tightening process and have made it exceedingly difficult to qualify for a first time home buyers loan.

Best Lender For a First Time Home Buyers Loan

Unfortunately, some lenders do not even like to work with first time home buyers (due to not having a track record), and prefer instead to only provide mortgages to people who have previously owned a home. When searching for a mortgage lender, it is important to find one that eagerly works with first time home buyers and also hasn't excessively tightened its lending standards.

If you are currently shopping for your first home, it is highly recommended the you get pre-qualified for a mortgage before you make an any offer. By doing so you'll gain two very powerful advantages: first, you'll know exactly how much you can afford to borrow and thus will not be playing a guessing game, and second, it will give you a very powerful edge in negotiating the best price for the property you are interested in. By getting pre-qualified, the seller will know that you are a serious buyer and that your loan will close more quickly. Often a seller will reduce the price in exchange for a quick closing.

Without a pre-qualification, it could take a few days to a week to find out whether you actually will be approved by a lender and thus will be able to complete the purchase of a property. This adds to the time that the seller has to wait for a closing as well as hold his property off the market. A pre-approval completely eliminates this delay, and eliminates the risk to the seller that you may not qualify at all. We cannot state any more strongly that a pre-approval is in your best interest. .