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Buying your first homee Not sure what the difference is between a variable rate and a fixed rate mortgagee Do you understand the true cost of borrowinge Keep reading for 7 invaluable mortgage tips that are critical for any first time home buyer.

1. The bigger the down payment, the better.

The lower your down payment, the more you’re going to pay on a monthly basis. With a 5 percent down payment, for example, you’ll be expected to pay for mortgage insurance and will most likely be subject to higher interest rates. Most lenders like to see a down payment of at least 10-20 percent.

Buying a home is a major purchase and also an investment, so making sure you’re buying the right house is crucial. Before you sign the legal documents making you both owner and borrower, you want to be positive that you’re purchasing the best house for you and your family. But how do you knowe

Keep reading for a checklist of questions you can ask yourself to find out if you really are buying the best house and one that you will be very happy with for years.

1. Is the Location Righte

If you’re in the market for a home or have purchased a home you’re all too familiar with closing costs. When it comes to closing costs the list seems to go on and on. The bad news is that many of these closing costs are just not avoidable, but the good news is that many of the costs can be reduced or eliminated completely.

FHA Closing costs differ from conventional mortgages by the amount the lender can charge and the amount of insurance coverage homeowners are required to have. FHA mortgages are the last of the government sponsored mortgages. Fannie and Freddie started out as a government charter but privatized over a decade ago. Since FHA is government operated, there are specific safeguards which have been designed to protect borrowers from paying too much closing costs. However, as is the case with most government programs, there’s loopholes.

Unnecessary closing costs are charged to unsuspecting borrowers on almost all mortgages that close. Closing costs can be broken into three general categories, costs that the lender charges, costs that third parties charge and money that is paid on your behalf i.e. taxes and insurance. Due to the scope of this article, we are unable to go into detail in each category. However, there will be a link at the end of this article for a tutorial that does.

We all agree, purchasing a home will be, for most of us, the largest purchase you will make in our life. You have found your future home, arranged for financing and are now waiting for the closing date. But to many people