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Top Mortgage Lenders For First Time Buyers
At times, first time home buyers may have difficulty finding a mortgage lender that will work with them. Many mortgage lenders only want to deal with buyers who have had a mortgage before, so they have an idea of how well the buyer is going to pay their mortgage. Because of this, if you are a first time home buyer, you will want to do research to find the top mortgage lenders for first time buyers.
Finding A Mortgage Lender
A first time home buyer will want to do a search for the top mortgage lenders for first time buyers to get an idea of whom they should talk to. Some of the top mortgage lenders advertise that they will work with first time home buyers. However, with the issues that many mortgage lenders have been having with the sub-prime mess and the housing bubble, you will want to make sure that you are dealing with a company that will not go out of business because they have lost so much money.
If your credit isn’t ideal, and you are a first time home buyer, you will still want to do a search for the top mortgage lenders. Once you have the list of the top ten mortgage lenders, you will want to start by talking to a mortgage broker instead of a bank or a credit union. As a general rule, a mortgage company will be more lenient when dealing with someone who has poor credit. If you belong to a credit union, you may wish to talk to the credit union also. You can compare the rates between the two mortgage lenders to decide which lender you wish to deal with.
Down Payment Assistance For A First Time Home Buyer
In some cases, first time home buyers can get down payment assistance to help with the down payment and closing costs when they purchase a home. Any of the top mortgage lenders will know if there are any programs available in your area. Sometimes, it depends on where you work or how much you make whether you can get down payment assistance. At other times, you simply need to be a first time home buyer. Additionally, some government agencies will offer down payment assistance, if you have not owned your own home in at least three years. With help from your mortgage lender, you can get information on these types of programs to verify if you qualify for any of them.
The Top Mortgage Lenders
Whether you are a first time home buyer, or you are buying a different home, you do not need to limit yourself to mortgage lenders that advertise in your area. Many of the top mortgage lenders are available online to assist you with your mortgage. Online mortgage lenders include companies such as Ditech®, or ING Direct. If you are trying online companies, you can also talk to Quicken Loans® and eLoan®. These four companies are some of the top mortgage lenders; however, they only offer their services online.
At first glance, LendingTree® may seem to be another online mortgage lender. In actuality, they offer the ability to have your loan application go to several different mortgage lenders. There are advantages and disadvantages to using a company like LendingTree® in your mortgage search. Since the application goes to several different banks, you have more choices in interest rate, and how your loan is handled. However, LendingTree® has a minimum that they will assist you with. You need to be looking for a mortgage that is more than $100,000. In many areas of the country, this is not an issue. However, in some areas, many houses would not qualify for this type of assistance.
FHA is a government program that assists home buyers in getting a loan. This program is different from LendingTree® or other commercial loan assistance. Since FHA backs the loans, the banks tend to be slightly more lenient with credit problems. In many cases, FHA backed loans are available through several different banks in any specific area. The FHA website has a toll free number that you can call to get a list of banks in your area that offer FHA loans.
Searching for the top ten mortgage lenders will help your narrow your search for a mortgage lender. Though you may come up with more than just ten mortgage lenders, you will have an idea of who may be able to help you with your mortgage. In some cases, the above listed mortgage lenders will be among the top ten mortgage lenders. In other cases, you may decide that a local mortgage company has a better deal than anyone else you have spoken to. If you are a first time home buyer, you will want to keep your options open until you determine who has the best deal for you.
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