EchoBay Expert: What's the best tips or information you could give for someone preparing to get a first time home buyer loan?
Loyal Reader: Your first home purchase will be exciting, but entering into it unprepared can make it nerve-wracking as well. The best advice I could offer would be research, research, and then research some more. Research as much information as you possibly can.
Knowledge is power, and you're going to need it if you want to avoid the most common first time home buyer loan mistakes. Make sure that you understand the difference between fixed-rate mortgages and adjustable-rate mortgages, what different mortgage programs are available to you along with the pros and cons of each, and what you should expect when the mortgage process begins.
You'll also want to understand the difference between the various lender types, where to go for the best mortgage rates, and how much you'll need to bring to the closing table. EchoBay Loans has a vast number of informative articles available for your research needs that cover all of these topics and more. Taking the time to review them can save you a lot of headaches, not to mention money, in the long run.