Loans for First Time Buyers

[flip_it_fast]

First time home buyers had been shying away due to high monthly mortgage payments and high down payments. Lenders have slacked up a bit, lowering the amound they expect paid up front and they have lowered the monthly payments making it easier for first time buyers to get loans.

Right now, eight out of ten loans for first timers are being approved. (Hmmm I wonder if that is such a good thing- I hate to say that but loans so easy probably isn't the best answer right now)

Of course if the down payment required is low, the monthly payments are higher. So you are definitely better off waiting and saving up so that you can apply a bigger down payment.

Andrew Hagger from Moneynet, an online financial website said . “The competition which has driven rates lower in the mainstream mortgage market has started to filter through to first-time buyer deals and even though many of the better rates are reserved for those with at least a 25 per cent stake to put down, we are seeing more choice and some lower pricing at 90 per cent loan to value,”

[Lady Flipper]

Yes, but the interest rates now are lower than EVER! I wish I had money to buy right now, with a fixed loan you just can't lose.