New Home Loan Helps for the Newlyweds

Newlyweds may find the mortgage process to be confusing if not well-informed. Newlyweds have the option to get a joint mortgage. If the newlyweds use up all the money for the down payment on their home, they are still free to get a loan without involving their other assets. However, pre-payment is not an option.

Newlyweds have flexibility when it comes time to apply for mortgage financing. They can utilize both of their salaries, if married, if they apply jointly. However, if they are married, getting a loan amount that exceeds the total of the home loans will cause problems with the lender. Being married, however, may cause additional issues, as well. As it will be harder to get loans for first-time homebuyers, the closing costs on the mortgage will increase.

Interest rates on the mortgages are variable, but most lenders now have flexible loan programs. For first-time homebuyers, it is important to understand the different types of loans available, such as interest only or fixed rate mortgages. The two differ in terms of payments and costs. Fixed rate mortgages are typically longer-term loans, while interest only loans can be closed quickly and are often used for emergencies.

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A guide to mortgages for first-time buyers

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