Lowest Mortgage Rates 4U

First Time Home Buyers Assuming you have done your homework up to this point and have decided to purchase your first home, you should now take comfort from the fact that there are many laws that protect you from scams, unnecessary expenses, and discrimination in the process of home buying. It pays for you to know your rights. You can find out about your rights at the website for HUD. HUD is the US department of Housing and Urban Development. They have lots of information on the laws that affect homebuyers, Check them out. Unless you have "deep pockets", you will have to find a lender and get a mortgage. If you have a good credit rating, you are about to be rewarded for your efforts. Lenders will be compete quite vigorously for borrowers with good credit ratings, and one of the attractions they provide is lower interest rates. If your credit rating is not that good, all is not necessarily lost. Just understand, you will probably have to pay a higher interest rate. This may force you to buy a slighlty smaller house to lower your monthly payments.

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In any event, get pre-approved for a mortgage before you start to look at homes. This will tell you the maximum you can afford so you can avoid the disappointment of searching for, finding and falling in love with a house you can't afford. Consider using a Mortgage Calculator in order to work out your payments in advance. You may not want to spend the total amount you qualify for because the monthy payments may make you feel house poor..

Need some money for that down payment? Many first time buyers qualify for grants. Grants? Yes, grants (FREE MONEY)! Many eligible prospective home buyers aren't aware they can get grant money to help meet down payment requirements. This could be the difference between buying and renting. Click Here!

According to HUD, first time home buyers are individuals who have not had an ownership interest in a home within the last 3 years. Therefore, even if you've owned a home before, if you've been out of the market for 3 years, you could qualify for assistance. And here's more good news: even bad credit won't necessarily stop you from qualifying for a grant!

That's the good news. The bad news is that it will require your time and effort to find the resources for grants. One time saving way to get started is to purchase information for a nominal cost. Lesko Grant is a good resource. It's worth checking out.