Loans for First-Time Home Buyers
Shopping for the right mortgage
Acquiring a mortgage is something not all first-time homebuyers look forward to. The number of programs to choose from can make the process confusing at times. Moreover, certain loan programs will offer different benefits to borrowers at different stages of their lives.
How do you know which one is right for you?
Before you begin, ask yourself these important questions:
- How long do you anticipate living in your new home?
- Do you expect any changes over the next few years, such as expanding your family or having children go off to college or move away?
- Do you expect any changes in income due to promotions, relocations, retirement, inheritance or pensions?
- Are you expecting a change in your investments?
- Do you have a retirement plan at work and do you contribute to it?
- Do you have other debt?
In the end, be sure you are given a complete picture of exactly how much your mortgage will cost you over the period of time you anticipate having the loan in place. This is the single most important factor you should consider when shopping for a mortgage. Not only does this data illustrate the bigger picture of your financial goals, it allows for adjustments should things change a little sooner than expected. A good time frame for this projection is anywhere from three, five or even up to seven years.
When shopping for a mortgage, you should always evaluate your choices carefully and consider how they will fit in with your long-term financial plan.
Call us for a free consultation. Together, we’ll find the program that’s best for you.
Primary Residential Mortgage, Inc., in Fort Myers and Naples brings you one step closer to achieving the American Dream. We’ll help you evaluate your mortgage options. Get in touch with us for a free consultation. Our loan experts will help get you the mortgage program that is ideal for your financial situation.