Are you ready to buy your first home?

If you're thinking about purchasing your first home, remember—it's a big decision and several things should be taken into consideration. Here are a few tips to get you started:

Check out interest rates
What are the current mortgage interest rates for 15 and 30 year fixed rate mortgages, and adjustable rate mortgages? Check out our most up-to-date mortgage rates here.

Study a variety of mortgage choice
Choosing the perfect home among the many of houses that may be available is hard enough--then you need to make a choice from the multitude of mortgages that are offered in today's market. Some may fit perfectly into your situation, others may be unwise or unattainable. What are your future plans? This will help you determine which type of loan is best for you. You would benefit most from a long term fixed rate if you are planning to live in the house for several years. If you expect your income to increase rapidly over the next couple of years or it you are planning on moving in the near future you might benefit with a lower, short term rate?

How much house can you afford?
Your buying power ultimately depends upon two things: how much you have available for the down payment and closing costs and how much a financial institution will lend to you. The standard down payment for a conventional mortgage is 20%. However, there are options available such as VA and FHA loans that can significantly reduce or eliminate this requirement. First Flight’s 80/20 loan, for example, can help with the purchase, including the down payment needed.

Pre-Approval
Get pre-approved for a loan before you start house hunting. Once you are actively house-hunting, lock in your interest rate-this will help to speed the closing time.

Neighborhoods
Look for an established neighborhood where house sell well in any market, in the event that you would need to resell. Check for quality public schools, whether or not you have schools age children. Drive both the morning and afternoon commute to work, school, and shopping.

Separate needs from wants
Determine both your wants and needs in a new home and prioritize your list.  How many bedrooms and baths will you need? How important are schools? Will you need an additional room for a home office? How important is lot size, privacy, community facilities?

You can probably answer a couple of these questions on your own, but you may need assistance with the others. If so, First Flight is here to help! We offer a wide variety of mortgage options that make financing your first home a breeze. From 12, 15, 20, 30, 40 year traditional mortgages to lot and construction loans, FHA and VA, and adjustable rate mortgages, the choice is yours! Our in-house servicing includes personalized attention to your mortgage questions, escrow accounts, and online amortization schedules. You can even pay your mortgage online!  Get started today apply online or contact one of our mortgage specialist today!