Choosing a mortgage can be a little intimidating for first time homebuyers. One thing to remember is mortgages are not created equal. There is no one mortgage to fit everyone. You have to consider all of your personal and financial needs when choosing to make sure you pick the best option you see fit for your lifestyle. Here is a brief description to give you an introduction to the most common type of loan options:
Fall in Love with Your Home Again with a Renovation Loan
Are you ready for something new but not ready to move? A renovation loan just may be what you're looking for. It allows you to make your current home into your home for the future and offers opportunity to refinance and renovate with the same loan! With no second lien requirement and the benefit of rolling in renovation costs, you'll keep the convenience of making one affordable monthly payment. It may also be possible to lower your interest rate, move to a shorter loan term and possibly lower payments.
The rush of buying your first home is one of the most exciting experiences one can endure in their life. It's a huge accomplishment and you should feel extremely proud of yourself. One thing to remember is to not let the overwhelming feeling of excitement allow you to fall into the traps that can occur during the process.