3 Common Financing Options For First-Time Home Buyers

By Julius Choudhury

A property isn’t just a home, it's a life. It's where you build memories and claim as a little piece of earth to be your own. It's also a very important financial asset. Real estate is seen to be the most stable of all long-term investments. It's because the land is inherently expensive and as the population grows and grows, it's value will automatically rise year-on-year. But for those of you that have only up until this point, been able to dream of owning a home, you might be wondering what your financial options are. As homes are not cheap, they also have many different financial routes as governments want as many homeowners as possible. Financial institutions also want to help you.


Going a private route

Financial advisors have been the cornerstone of private financial-related concerns for many years. Although there are financial advisors in banks and they can also help you, a private financial advisor service from a firm will give you unbiased information. The bank is trying to get you to take one of their mortgages or one of their instruments for you to buy a home. However, a financial advisor from a firm will draw your attention to all the options you have in front of you. This includes the understanding of government programs for first-time buyers, the short-term and long-term lenders, and the best plan of action for you to buy a home in the shortest amount of time possible without putting yourself at risk.


The inside track

Mortgage specialists are an excellent option because they will have a swathe of information regarding all the various options. Not only will they assess your credit score and find the best mortgage plan, but Altrua will find the best mortgage rates by passing special lender offers straight to you. Using their inside track knowledge and contacts, a company like this will share with you a range of discounts for someone in your situation. Not every mortgage lender is the same and not everyone is in the same financial situation. You get a truthful assessment of where you stand and the lowest rates presented to you upfront.


Government assistance

Many governments in modern countries have some kind of help to buy scheme. It will usually consist of a plan that requires you to take out an interest-free loan for a set amount of years that is a quarter of the property’s value or lower. Then a bank will need to offer you a loan in value, a similar portion of the home. Then you place a small deposit on the home and you will be ready to go. This ensures that the government doesn’t take all the risk but a bank is given the confidence to invest in you as it's a split on any inability for you to pay the mortgage.


There is a range of financial options open to first-time buyers. Asking a financial advisor what your best options are, might be the first course of action if you are already financially stable.

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