Drew Mortgage Associates - A Mortgage Company in Boston, MA

There has been a lot of changes in the loan and real estate industry over the last two years. It's essential for a first time home buyer to be aware of all of these changes. Most lenders are accepting low down payments and higher debt levels for borrowers. Therefore, it's easier to qualify for a loan. Home prices are rising gradually and this trend will be seen for some time. Loan rates are expected to increase. A first time home buyer doesn't need to make a large down payment to buy a home. Today, there are mortgage programs that require a low or no down payment. Keep in mind that most closed home loans were issued to borrowers with a credit score of six hundred or above. This blog provides valuable information about -  10 things a first time home buyer should know .

A conventional 30-year mortgage loan is the most popular loan program in the U.S. People choose a 30-year mortgage loan for low mortgage payments. This becomes convenient for people to pay back their mortgage loan without straining their finances. On the other hand, a 15-year mortgage loan will help you pay back your mortgage loan faster. A shorter loan term means paying back a loan in a short period of time. When you opt for a 15-year mortgage loan, you make larger mortgage payments and you pay back your loan faster than a 30-year mortgage loan. This blog provides valuable insight on Which Mortgage Loan to Choose – a 15-year Mortgage Loan or a 30-year Mortgage Loan .

A good credit score history is essential to qualify for a mortgage loan. Most lenders provide loans to the borrowers based on their credit history. Generally, most people hold conventional lines of credit like credit cards or a current mortgage that builds a track record of debt management. When you don't have a credit history, it's called a non-traditional credit history, however, your rental history and utility bills can increase your credibility as a borrower. People who don't have a substantial credit record often use FHA loans. FHA mortgage loans enable lenders to leverage non-traditional credit history to qualify borrowers. This blog provides valuable information about Home Buying Options for Low-credit Scores .