For a first time home buyer, the process can get quite overwhelming, giving you the feeling that the financial decisions are rapidly spinning out of control. When it comes to real estate, most people dont have a lot of experience or know a lot about it. In all actuality, buying a home is actually a simple process. All you need to do is understand the basics, which will go a long way in helping you buy your very first home.
The first thing you should know is to avoid pre payment penalties at all costs. What this means, is that if you buy the home then later want to sell it before the balance of your mortgage is due, youll have to pay a penalty. You can find a variety of great loans that dont include these types of penalties. If you find a loan that does include pre payment penalties, you should immediately turn it down and look for another loan.
You should also be on the lookout for good ARMs. If you have a good ARM, then your interest rate and monthly payment will adjust at the exact same time. This will make sure that your interest doesnt affect your monthly payment. If your interest rate does affect your payment, then you will notice the unpaid interest...
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