Owning a home is a fulfillment of a dream. After so much scrimping and saving, you now have the amount for the down payment. For the first time home buyers though, the decision to purchase a home could be a daunting experience. This should not be so.

For first time home buyers, the first thing you should do is to shop for a house. You can do this by browsing the internet and finding the available online listing. By making the virtual tour, you will have an idea on what type of house you want and need. You can also do a tour of the neighborhood and take note of houses with for sale signs.

Okay! You now have a definite idea of your dream house. The next step is to enlist the help of a mortgage advisor. These professionals have access to a variety of mortgage deals and they would know which type of mortgage deal will best suit the first time home buyers like you. Beware though of predatory lenders who would prey on your being a newbie in the business, one who would take advantage of your being uninformed. You wouldn't want the realization of a dream to turn into a nightmare, would you?

The real estate industry is highly competitive and lenders would vie with each other for your business. This is probably good for you since you will be offered special deals. Shop around for lenders who have special programs for first time home buyers- most of these programs are not given to non-first time home buyers. First time home buyers are considered price commodities because they are not encumbered by previous mortgages.

No deal is best for everyone. Only you can decide whether a fixed rate or a variable rate will best suit your financial situation. Be realistic with regards to your income and debts. The lender will use your income, debts and expenditures as a base for the amount of a mortgage you may qualify for. Bloating your income and down playing expenditures and debts for the purpose of obtaining a bigger loan is not wise. Remember, if you borrow much more than you can manage to pay, you have to bear the risk of foreclosure if you are unable to cope with the monthly payment. More so if the interest rate moves up. And of course, it is illegal to give false income declaration on a mortgage application form.

Do not hesitate to ask the lender points that need to be clarified. For the first time home buyers, you are not expected to know all. Make sure to read over the fine print. This is a tedious job but entering into a mortgage is a huge decision to make-one that has legal implications. Inexperienced first time home buyers can be conned into taking out expensive mortgages that involve higher rates. Redemption penalties may also be imposed if you opt to leave the mortgage before the term ends.

If you are unable to give a deposit, you can avail of the 100% mortgage but you will be required to have an indemnity guarantee. This is an insurance policy that is required if the first time buyer have low or zero deposit.

Purchasing a first home is a big step into the property ladder. It is hoped that the tips would help first time home buyers make a success of it.

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