Buying a new home is exciting, but can be a little frightening at the same time. For first home buyers Perth has today, it is imperative that you research as much as you can about the financial side of things before committing to any contract from B1 Homes or other real estate firms. Something that must be considered by first homebuyers house and land Perth currently offers is the mortgage loan plan needed to finance their housing investment.
Seeking a mortgage plan should be the first ever thing to your house seeking to-do list. After that, you can find your dream home. This is the part where you need to find first home buyers house and land Perth packages like the ones at B1 Homes that are available. But before you go searching for a mortgage loan, there are some things you need to know first.
Listed below are some key guidelines on mortgage loans:
Getting FHA Government House Loans
If you are buying a home for the first time, an FHA loan might be just right for you. FHA loans are obtained through a regular mortgage lender, but they are backed by the Government. Qualifying for an FHA loan is easier than other loans because lenders know that the loan is secured by government funding. Also, according to the Australian FHA Loan Program Overview, the minimum down payment for FHA loans is just 3.5% of the house’s sales price.
Fixed House Mortgages
The most traditional loan on the market is the fixed rate mortgage. No matter if you get a house from B1 Homes or other housing firms, with a fixed rate mortgage, you choose the length of time you want to pay off the mortgage, as well as the interest rate. Fixed rate mortgages usually have a payback period of 10 to 30 years. During the life of the loan, the interest rate will remain the same.
V.A. Home Loans
If you are a veteran, you might be able to qualify for a V.A. Loan. This type of loan can only be obtained by veterans and can be a very good deal. With most loans, the borrower is required to pay a very large down payment in order to qualify for the loan. A V.A. Loan does not require a down payment in most cases.
Look into the details of new housing loans available today
New loan schemes are being devised all the time. Although some of the newer loans can be very tempting, you need to be very careful before considering them. If you look carefully at the details of some of these loans, you will see that they have balloon payments in the fine print. This can lead to problems down the road because you will have to make a giant payment in order to comply with the loan agreement.
It is easier than ever to find the mortgage that is right for you. The Internet offers a wealth of lenders for you to choose from. If you do your homework first and know what you are looking for before you get started, finding the best loan will be easy for you too.
Ready to be among the first home buyers Perth has? You can see first homebuyers house and land packages Perth currently has to offer at http://www.b1homes.com.au.
Business Name: B1 Homes Name: B1 Homes Address: 23 Frobisher St, Osborne Park WA 6017 Contact Name: Sales Phone: (08) 9261 3131 Logo URL: https://www.b1homes.com.au/wp-content/themes/b1/images/logog.png Trading Hours: Mo-Fr 8.30am to 5pm Trading Days: Mon - Fri