When you shop for a first-time home loan, you will come across a wide range of options. Fixed-rate mortgages are popular, as they come with several advantages. However, going with a fixed rate loan is not the right choice for every home buyer.
Getting a home loan that meets your individual needs is important, so consulting with a mortgage expert is well-worth your time. Meanwhile, for a general understanding of whether you may benefit from a fixed-rate loan, read on.
Many first-time home buyers turn to mortgages with fixed rates because the benefits allow for easier budgeting. Reasons to consider this type of mortgage loan include:
As we mentioned, a fixed-rate mortgage is not always the right solution for everyone who’s buying their first home. The drawbacks include:
Generally speaking, if the interest rate is currently low, locking it in for the lifetime of your first home loan can make sense. That said, not all home buyers benefit from this type of loan. You may want to consider an alternative mortgage option if any of the following describes your situation:
When choosing a mortgage, you will need to consider a number of personal and financial factors. To make the decision easier, get advice from a mortgage expert – like the professionals at Integrity First Lending.
Our friendly loan officers are happy to help first-time home buyers in northern Utah, and we have the skill, knowledge and experience to help you find a first-time home loan that meets your individual needs. The Integrity First Lending team can answer your questions, explain your mortgage options and help you every step of the way.
If you are planning to buy your first home in South Jordan, Tooele or in the greater Salt Lake City area, let Integrity First Lending make the process easier. To discuss fixed-rate mortgages and first-time home loans, contact us today.