6 Loan Types Houston First Time Home Buyers Can Choose From

Money

May 12

Written By Diana

Design by Diana Walton- Houston First Time Home Buyer Specialist

Hello and welcome to Houston First Time Home Buyers Edition, formally First Home Houston (FHH), where we provide useful information to help Houston first time home buyers make the most informed decision when it comes to buying, decorating, and maintaining their first home.

You may have heard it before, that buying a house is a big deal for a first time home buyer. Well, the thing is, choosing the right mortgage loan type is a part of that big deal.

You will have a lot of questions and our goal is to make sure you choose the mortgage loan type that is best for you. That being said, as you think about your loan type, below you will find 6 of the most popular type of mortgage loan. Before choosing one, here are a few things to consider.

How much can you borrow?
How is your credit score?
How much down payment money do you have?
Will you need down payment assistance? If the answer is yes, this will affect your interest rate.
Do you want a fix or variable rate mortgage?
How long do you plan on living in the home, 5, 7, 10 or longer?

Understanding how important it is to choose the right mortgage loan type can mean the difference between getting a very expensive mortgage that keep you up at night versus one that will saves you thousands of dollars over the life of the loan.

As always, thank you so much for stopping by. Remember, if you are thinking of purchasing your first home, please contact us. We are here to help. We have been helping Houston first time home buyers since 2011 and we can help you. I hope you have an amazing day. Until next time...Diana