New Home Mortgage Loan

The mortgage environment is more challenging than ever - certainly the most in the 10 years that Mortgage Credit Problems has spent helping people achieve their dreams of becoming homeowners.

At the same time, there are now unusually attractive mortgage opportunities for new homeowners as we have seen home loan rates driven to all-time lows. On March 26, 2009 CNN.com published an article saying that mortgage rates are the lowest they have been in 52 years!  The key to taking advantage of this is having the right information to compare lenders, get approved, and ensure you get the best rate available to you.

This Web site is dedicated to making sure you have that information. We will help you understand your options, and give you tools and information to pursue those options. If you are ready to compare offers from lenders, you can start by filling the form to the right.

Here are some things to keep in mind:

  • New Home Mortgage. A new home mortgage is the first loan the buyer takes out to pay for a new property (there sometimes may be more than one loan). If you are a first time buyer with bad credit, getting a loan can be especially challenging, so being well-informed when seeking a new home mortgage is the best borrowing strategy.
  • Fixed Rate vs. Adjustable. A Fixed Rate Mortgage is the most basic form of mortgage, locks you into a stable monthly payment while Adjustable Mortgages are for people who can afford some risk in exchange for a lower rate. If you've had trouble managing your expenses in the past you may want to consider leaning toward a fixed rate mortgage so you know what your payments are.
  • Closing Costs. The costs of buying a home aren't just the home itself. In addition to the cost of the mortgage, the borrower pays "closing costs" (expenses associated with purchasing the loan); "points" may also be used (up-front interest charges; where each point equals 1% of the loan value).
  • Interest Rate. Interest rates change frequently and determine the total amount that you pay over the course of your mortgage. People often refer their friends and relatives to specific mortgage brokers promising a great rate, but it is important to compare mortgage lenders and to see if you are really getting the best rate. For many of you, this will be the largest purchase you make in your lifetime, so be sure and do your own homework!

This site offers help and information for first-timers and seasoned investors--from calculator tools to expert advice to basic information and breaking news. We're here to help you on the road to home whether your credit is excellent or if you've had some bumps along the way.



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