Essay about First Time Homebuyers

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First Time Homebuyers

LAS-30012

Ms. James-Etta Goodloe

5/23/13

Abstract
There is always the common question what does it take to get a first time home buyers loan? And the answer is there is so much that goes into the process of getting a home loan. You have to find out if there is a down payment and what percentage the seller wants for a down payment. Is the seller going to pay the closing costs or does that come out of your pocket? All these questions and more are what go into getting a home loan.

First Time Homebuyer
No one really realizes the time and patience it takes to get a first time home buyers loan. The first and most critical step in homeownership is getting the right mindset. This principally involves …show more content…
Compare terms and rates from several sources, which allows you to choose the right lender. Your lender usually calculates your monthly expenses? Including principal, interest, taxes and insurance. You'll pay a monthly bill into an escrow account instead of getting clobbered by annual taxes. (A Buying Guide for First Timers)

Conclusion
As a first time homebuyer I understand the stress and the time that goes into getting the loan. There is a lot of things that have to be considered and you have to understand that the considerations are not degrading by standards. People feel that once these are brought up its game over and then people think they will not get the loan, but when you working together with your lender and loan officer you will get where you need to be with the loan. Homebuyers that have never had a loan before get scared and edgy with all the paper work and the process that goes along with it. In all reality when it is all said and done it will be worth it in the end.

RESOURCES
Misty Vinduska | Mortgage and Consumer Lending| myksb.com
Angie Frazee| Loan Processor| myksb.com
Adkins, N., & Henderson, B. (2009). Help for Homebuyers: A Guide to the New First-Time Homebuyer Credit. Journal Of Accountancy, 207(5), 34-37.
Common Questions from First-time Homebuyers - HUD. (2009, October 29). Homes and Communities. Retrieved May 26, 2013, from http://www.hud.gov/buying/comq.cfm
FHLBank Topeka
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