First Time Home Owner Loans-First Time BuyerBad Credit Mortgage Loan-First Time Home Buyer
Home Home E-Mail E-mail

With First time buyer mortgage you can be a proud homeowner

You have always been dreaming about owning a house since long but you continue living in a rented apartment for long shelling out huge amount each month as rent because of limited financial resources.

If lack of financial resources is keeping a first time buyer away from his/her dream home. A first time buyer mortgage can help in fulfilling your dream by making your dream abode your own.

Mortgage loans are basically the loans which aid you to buy a home. These loans are lent against the equity in your house. And they let you be the owner of a residence well before you thought it was possible.

A first time buyer mortgage is designed for people who are buying a house for the first time. First time buyers are required to pay a part of the cost as down payment and the rest is remunerated by the lender. As the home bought acts as collateral the loan has low rate of interest. The longer repayment period brings the monthly installment amount to a lower side making the repayments easier and regular. Your equity or ownership in the home increases with the repayments.

Bad Credit Mortgages are like other mortgages but are designed for people with bad credit record. An adverse credit can happen due to various factors like:-
  • Defaults
  • County Court Judgments
  • Mortgage arrears
  • Missed payments
  • Bankruptcy
People should remember that the lender is at high risk giving money to a person with bad credit. Therefore these mortgages come with high interest rates.

Collecting information on mortgages through Internet is a very good idea and it will save you a lot of your time and money.