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Best Mortgage Lenders for First Time Buyers | Myth Busting

By: dmdmin0 comments

Fact and Fiction: Mortgage Lending for First Time Buyers

When searching for the best mortgage lenders for first time buyers it can be overwhelming to sift through all of the information coming your way.

We are here to sort through the rumors once and for all and identify the fact and fiction of mortgage lending.

Rumor: You must put down 20% on your home.

Verdict: FICTION

While a 20% deposit generally yields a lower interest rate it is not required to have your mortgage loan approved.

Rumor: All mortgage lenders charge the same fees.

Verdict: FICTION

Not all lenders charge the same fees. The best mortgage lenders for first time home buyers recommend you shop around for the perfect lender match. 

Rumor: An appraisal isn’t always needed by your lender.

Verdict: TRUE

These days there is so much information that we have available to us that can determine the outcome of an appraisal. Do your homework to save money and time.

Rumor: It doesn’t matter if your closing takes too long/short.

Verdict: FALSE

A longer closing may yield a higher interest rate.

Rumor: It is necessary that you pre-qualify for a mortgage before making an offer on a home.

Verdict: TRUE

No rumors here! For more information on the best mortgage lenders for first time buyers click here.

Rumor: Be wary, all lenders will look to take advantage of you as a first time home buyer.

Verdict: FALSE

Buying your first home can be stressful, but finding a reliable and trustworthy mortgage lender shouldn’t be seen as a risk. Taking the time to find the right mortgage lender for your needs can help make this stressful time a lot easier.

Buckingham Financial Group takes pride in providing the highest level of customer service and satisfaction particularly to first time home buyers.

To apply for a quote today visit us or call us at (855)548-0101. 

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