what is the best loan option for the first time buyer ?

Question

is it the 30 yrs fixed or anyother like the 5 yrs fixed interest only ,,,im trying to get the lowest monthly payment possible,,,
I'll appreciate any recommendation

Answer 1

it depends, on alot of things.....You can do an FHA which you have to put down 3%, just remember if you do an interest only, depending on how quickly your home appreciates you might end up owing more that it is worth.

Answer 2

Ask yourself a simple question, how long do you plan on owning the home? If you don't plan on living it in for 30 years then why a 30 year fixed? If you plan on moving in 5 years or less then I recommend a 5 year fixed and even possible interest only, as the interest you would pay over that short of a time frame would amount to a few hundred dollars. Adjustable Rate Mortgages (ARM'S) come with lower interest rates and would give you a lower monthly payment. I hope this helps you and good luck but if you need any help or have any additional questions please feel free to contact me www.dantadgerson.com.

Answer 3

If you’re about to purchase your first home, let us be the first to congratulate you! You’ve made a great decision. Owning a home has many benefits, including tax breaks and the ability to earn interest on your property.Unfortunately though, for some buyers, the process of buying their first home can be intimidating and quite confusing. It doesn’t have to be that way!

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The lowest possible payment would be from a new hybrid option ARM product. This combines a fixed rate with the low payments of an ARM product.

May I suggest that you also visit another website which is available just to educate consumers such as yourself.

http://www.freemortgageinformationsoutherncalifornia.com

This site has over 27 Free reports and information on everything you need to know about mortgages.

Cheers,
Darren Meade

Answer 4

It depends upon your situation. If you can afford the payment, with thirty year fixed rates being the same or lower right now as 5/1 loans, there's a lot to be said for the loan you *never* have to worry about it changing. I'm a huge fan of the 5/1 and I've been doing them for me for 15 years, but right now there's some pretty powerful arguments in favor of the thirty year fixed.

Answer 5

It really depends on your credit score, the amount of down payment (if any), and how long you plan on staying in the home.

Once those items are established, then you can see what type of loan programs are available to you.

Interest-Only loans are great for some people, but can be dangerous if used improperly.

Check out the link in the resource box below. They offer a great free report for first time homebuyers.

Good luck,

Greg S.

Answer 6

Ask you realtor about a CDA loan.It is for forst time buyers and you get a good deal on interest rates on a 30yr.
They dont tell you about the CDA loan, you have to ask for it.
Plus you will nedd less than 5g down.
I did it with $2,600