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First Time Buyer: Be Careful and Alert |
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First time buyer term is used for all those individuals who have no experience of home purchase and are indulging in the purchase for the first time in life. To help out such people, first time buyer mortgage is introduced in the market. It is a financial help for first time buyers so that they need not spend any more money on rent.
A first time buyer has to be very careful before he signs any mortgage deal. There are various fake and unprofessional lenders who bewilder you with mortgage rates. Hence, to avoid all such confusions you should update yourself with current mortgage rates by spending a good time on various websites of the lenders. Besides this, you need to be cautious about the location you choose for your new home. Take a good advice from your friends or those who have good experience in home purchasing.
A first time buyer is charged low interest rate, small and affordable monthly installments and provided good repayment period. He gets flexibility so that he can repay all his installments as per his convenience. A first time buyer has to make a small down payment right at the beginning of the purchase, while lender finances the rest of the amount.
However, the drawback you face is losing your property if you fail to repay the amount. Lender will seize your newly purchased house which you have to keep as collateral. The Internet is a great tool for the first time buyer to get more information about lenders in less time.
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