7 Different Types of Home Loans and Mortgages for New Buyers

Home loans

Home loans, which one is right for you?

If you’re shopping for a new home, odds are you’re shopping for a home loan with a low-interest rate too.

If you are like many first-time home buyers, you may be just realizing there is more to a home loan than you ever thought.

You may even be overwhelmed by so many types of home loans made available by lenders.

Getting a mortgage can be a huge undertaking and pretty frankly, nerve-wracking.

But that’s ok. You are not alone with the feeling.

It’s actually pretty typical for first time home buyers to be overwhelmed. We are all on the same boat.

While getting a mortgage to buy a first home is quite a responsibility, you are starting it off the right way.

Getting familiar with different types of loans first is a huge step in the right direction.

This is because different home loans are available to borrowers with different qualifications.

So the first step in getting a loan is to know your options and what’s best suited for you.

Things like your veteran status, good credit score and can qualify you to more loans. While other things like your home price can widen or narrow your options.

Choosing your home loan wisely can save you a bunch on the down payment, interest, and even fees – no doubt.

And more importantly, it can help you make sure you can afford every mortgage payment for years to come.

If you are ready, let’s dive in.

Here are 7 common mortgage loans for first time home buyers.

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