First Time Home Buyer Information
We will provide you with the information you need in order to make your home buying experience pleasant and rewarding.
Prequalify for a Home Loan
Prequalifying for a home loan is good first step in the home buying process and usually takes little time. Getting prequalified helps you know how much home you can afford and demonstrates to the seller that you are ready to buy. Prequalifying for a loan will also save you time when you complete your final mortgage application, since you’ve provided most of your information.
This is the most popular mortgage. With a fixed-rate mortgage your interest rate stays the same for the life of the loan. The advantage is that you will always know exactly how much your mortgage payment is each month. Fixed rate mortgages are a good choice for you if you plan to stay in your home for a number of years.
With this type of mortgage, your initial mortgage payment and interest rate could be lower than a fixed-rate mortgage. However, if the rates go up you may have to pay a higher mortgage payment.
FHA (Federal Housing Administration) Mortgages
This is a government insured loan that allows you to purchase a home with a low down payment. This is a great option for a first-time home buyer. This type of mortgage may provide you with more purchase power.
VA (Veterans Administration) Mortgages
If you are currently in the military or veteran of the Armed Forces, you may qualify for a loan guarantee by the Veterans Administration. If you qualify for this type of loan usually you are able to purchase a home with a low down payment and low mortgage rate.
WesternBank is an equal opportunity lender.