First Time Buyer Loans and Home Equity Loans


If you listen to the financial and real estate pundits of 2011 is the time to shake off that dusty old checkbook and buy something. Okay, how about a home? Interest rates and terms couldn't be better, so if you have reasonably good credit, a job you've been on for at least 24 months, and not buried in debt, take a look over there. That's a red carpet rolled out in front of that mortgage brokers office, and at the entrance to the front door is a sign that says: "come on in, pardner. I've got the money, if you've got the time.

Maybe you have been a long time renter by choice because of all the scuttlebutt talk you've heard around the water cooler at the office with friends who are just itching to tell you all the war stories they fought with lenders when getting their first home. No doubt it's going to be the most serious and paperwork complicated process you'll go through since you were born, but with proper guidance from an experienced mortgage broker as interference, you'll be able to run 60 yards for a home buying touchdown, without anyone laying a hand on you.

The best thing a first-timer can do when buying anything as important and monolithic as a home, is being informed. As mentioned before, the mortgage loan process is confusing and complicated, which is even more reason to have knowledge and professionalism holding your hand to the end when your lender finally hands you the house keys. However, before you hop on the first time buyer home loan train, there are several things you can do on your own to get to first base.

* What are options for first time buyers?
* Am I qualified to buy a home?
* How do I choose the right lender?
* Should I continue to rent or is 2011 my time to buy?
* What is the difference between a mortgage broker and mortgage banker?
* Read everything. Twice!

You can get all the education you'll need to move all the way to third base by getting answers to all six of these questions. Then seek advice, and assuage any fears that may arise by using a mortgage broker.

If you currently own a home there may come a time when you need some cash, and your bank account is a little light. There are two ways to get a fast cash infusion, and that is via a home equity loan or a home equity line of credit. The current lender holding your existing mortgage is your best bet because they already have most of your paperwork stashed in a loan filing cabinet. The common term used for a home equity line is HELOC, and is generally a good choice when you need money for a one-time purpose like home renovations, new car, or paying off credit card debt. The HELOC allows you to draw all the funds you need up to a certain debt ratio still showing on your first TD. Usually a combination of a first and second mortgage will not exceed a ratio of 75 to 80 percent of value. The more equity in your home, the more you can borrow. The payback term is usually between 10 and 20 years.

Home Loan Advisory can help you get that First Time Buyer Loan. Whether it's to buy your first house or buying an investment property, we can help. Home Loan Advisory can also help you get Home Equity Loans. Contact us today to get started.
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