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5 things you need to know about mortgages before buying your first home

Buying a home is an exciting milestone but it can also be a daunting process if you don't know what to expect when it comes to mortgages in your city or region. To help first time home buyers, here are five things they need to know.

Understand the different types of mortgages available in your area – including fixed rate mortgages, adjustable rate mortgages (ARMs), and hybrid ARMs – and determine which one is right for you based on your financial situation and goals;
Research current mortgage rates so that you can compare offers from different lenders;
Consider the impact of closing costs on the overall cost of a loan;
Make sure you have enough saved up for a down payment as well as additional funds for unexpected expenses; and
Get preapproved for a mortgage before shopping around for homes so that you know exactly how much house you can afford.

Sources:
https://www.rbcbank.com/cross-border/us-mortgages.html
https://themortgagereports.com/18709/mortgage-rate-negotiation-lending-gina-pogol
https://www.zillow.com/lender-resources/mortgage-email

Linq Mortgage Group

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