Best Mortgage Rates For First Time Home Buyers

Best Mortgage Options for First-Time Buyers in Washington You might want to start by reading our guide to the different types of mortgage loans available to washington state home buyers. That in-depth tutorial explains the pros and cons of different financing options.

There are new mortgage programs available in 2018 that make it easier for first-time home buyers to qualify for a loan then ever before. FHA loans is the most popular type of first time home buyer loan used to purchase a home. rate search: Get Approved for a Home Loan. First-Time Home Buyer Statistics Infographic

Quicken Loans is one of the best mortgage lenders for first-time home buyers. It offers conventional 30-year fixed-rate loans at interest rates of as low as 4.086% and with down payments of as low as 3% of the value of your new home.

High Mortgage Interest Rates

If you have recently missed payments or maxed out your credit cards, you may consider waiting to purchase a home until your credit improves so you can qualify for a lower interest rate. Learn more about credit scores and how you can improve yours. Here are some tips to help first-time homebuyers: Take the advice.

First time home buyers may find the process intimidating, but it doesn’t have to be. If you’re just getting started, there are a few key tips to keep in mind: Contact at least two mortgage.

1. Know your credit score and history. Getting a first-time home buyer mortgage is like applying for college: Only those with the right combination of grades and experience are accepted. But instead of GPA and extracurricular activities, lenders look at your credit score and financial history, and both can affect your mortgage rate in a big way.

What Is A High Mortgage Rate In fact, the expectation of future Fed rate hikes is already putting upward pressure on mortgage rates. The benchmark 30-year, fixed-rate mortgage rate jumped three basis points to 4.4 percent this past week. Since the start of the year, the benchmark rate has climbed almost half a percentage point and has increased for eight consecutive weeks.

Below you’ll find a comparison of the best variable rates currently available to first-time buyers, followed by the best fixed rates. These comparisons were made using the following figures: a first-time buyer seeking a mortgage of 225,000, over 30 years, on a property worth 250,000 i.e. 90% loan-to-value ratio.

Using up savings on the down payment. Homebuyers who put 20 percent or more down don’t have to pay for mortgage insurance when getting a conventional mortgage. That’s usually translated into substantial savings on the monthly mortgage payment. But it’s not worth the risk of living on the edge, Conarchy says.