Getting the right mortgage lenders as a first-timer is crucial and most times proves to be a very tough challenge. When you decide to purchase your first home, it is truly a bold step for anyone. It’s an exciting prospect. However, you must be aware that it comes with its own risk just like every other decision in life. It is very important you choose a lender who offers you the best rate with the right term and lowest closing cost possible. Getting a lender who will ensure the whole process is swift and efficient is everybody’s desire but how hard is it really to get this?
Lots of things are taken into consideration by both sides (the borrower and the lender) when seeking for a mortgage. As a borrower, you must meet a lender’s mortgage approval requirements which include making sure your credit score meets a certain point. Of course, not every bank or mortgage lender opens its doors to 1st-time home buyers, and this is why this article is important.
Before shopping for your ideal home with your real estate agent, making detailed research of mortgage lenders will do you much good. It’ll expose you to various favorable offers and advantages you can get including the terms that come with each lender. This research must not be overlooked or taken lightly, without doing the necessary homework on mortgage lenders, it might prove to be a very costly mistake.
As a first-time home buyer, you need to be aware that getting a mortgage is not easy. It can be complicated and lengthy, however, with the right preparation and mindset, it’ll happen. Your major aim here should be mortgage lenders with good products and a strong reputation for excellence and good customer support. You must choose a mortgage lender with products that fit your means (lifestyle and income).
Best mortgage lenders for first-time home buyers by categories
We have classified the top mortgage lenders for 1st time home buyers into 3 categories. Now, you have to check out each lender in the various categories to know which suits you best. Below are each mortgage lender in its own categories;
- Best mortgage lenders for first-time buyers with low down payment requirements: in this category, we have listed mortgage lenders that offer FHA loans with low down payment and has a great overall review of customer service excellence. Our top two contenders in this category are; Quicken Loans and CitiMortgage. Follow the link to visit their website and check out more of their products.
- Best mortgage lenders for first-time buyers with low credit scores: in this category, we listed two major mortgage lenders renowned with programs that can help first time home buyer with low credit to secure a mortgage. They both offer multiple down payment assistance and grant programs and allow flexibility in their approval process. The two contenders here are; New American funding and Carrington mortgage services. Follow the link to visit their website and check out more of their products.
- Then, our third and final category is Best mortgage lenders for first-time buyers who prefer to meet the lenders in person. The listed lenders in this category are renowned for having agents across the US and most likely even in your neighborhood. They both offer customers with tools that would ensure you’re updated on your mortgage application status and also has great refinance options. The two top lenders in this category are; Bank of America and Chase mortgage. And as with the others, follow the link to visit their website and check out more of their products.