First Time Home Loans

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There are many reasons why you may be ready to become a homeowner. Perhaps you’re tired of putting your hard-earned money towards rent; you want to build your credit history today, or you are excited about the tax benefits available to homeowners. However, in reality, if you’re like most potential first time homeowners, you’re excited about the prospect of being in a place you can call your own.

As a potential first time homeowner, the financing options can be a bit overwhelming. First Liberty Mortgage can assist you in exploring these options and overcoming any obstacles that stand in your way. Even if you are dealing with student debt, work in a non-traditional workplace or have other unique life situations, there may be a mortgage type available that will help you get into a home of your own.

One thing that new homeowners may not realize is that no matter what type of loan you choose; the amount you pay each month isn’t an arbitrary number. It is determined by four primary factors. 

PITI

  • Principal: This part of your payment goes toward the mortgage's outstanding balance.
  • Interest: This portion of your payment pays the cost of the loan.
  • Taxes: This part of your payment is applied to property taxes charged by state or local government. A portion of these taxes is usually collected in every mortgage payment and held in an escrow account for tax payments made on your behalf when they are due.
  • Insurance: The portion of your payment that covers homeowners or hazard insurance, providing protection against property damage. Insurance costs are also usually paid from an escrow account.

Once you understand these factors, and you’ve discussed your situation with a knowledgeable mortgage expert, you should have a better idea of what type of loan and what amount will work best for your budget. This knowledge can help make certain you don’t get in over your head financially.

As a first time homebuyer, you may not have a full understanding of what loan term options are available, what goes into determining your interest rate, and other factors that can affect your bottom line. As your home loan specialist, First Liberty Mortgage will help you in understanding every step of the home loan process, and make sure that you select the best options for your unique goals and budget. 

First Liberty Financial is your resource for first time home loans. It has always been our mission to help members of our community own homes they can afford. Whether you are ready to purchase right now, or you aren’t sure if you will qualify, contact us today. We would love to show you the options and help make your dreams of homeownership a reality you can achieve.

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