If you are a first time home buyer then you are beginning to understand just how difficult and confusing purchasing a home can be. There are a lot of different aspects that go into it. Depending on how you have decided to get the money that you need, you may be filling out a lot of paperwork for multiple associations. Expect to be filling out paperwork for the government, your Realtor’s office, your loan office, and the bank if they are different places. While your Realtor will not be able to loan you money, they will still require proof that you have to money prior to allowing you to go in and purchase a home.
There are several types of mortgages that you may be eligible for as a first time home buyer in Tucson. A fix rate mortgage makes sure that your payments will always be the safe over the lifetime of the loan, regardless of what the market does. This will let you calculate exactly how much you will have to pay monthly in expenses. While you will pay a slightly higher interest rate but you will be able to refinance your home at a lower interest rates. Another option is an adjustable rate mortgage which will allow you to have a lower initial rate, which means that you can have a lower payment at the beginning. In some cases, this will let you qualify for the home that you want. It is incredibly important that you are sure that your income will increase because you are going to be hit with larger payments over the life of the loan.
Another option for a first time home buyer in Tucson comes in the form of a VA loan which is used specifically by qualified veteran to purchase a home without using a down payment. While there is a price limit to the homes that can be purchased using this type of loan, the qualification guidelines are more flexible than they are for other government loans. There are also several other types of loans and it is worth researching each carefully before applying to any.