First-Time Homebuyer's Guide

Bank of Internet USA presents our First-Time Homebuyer's Guide, a resource full of home buying tips to help make your initial experience with securing a mortgage and purchasing a home a great one.

Buying Your First House

With interest rates at an all-time low, there has never been a better time for first-time homebuyers to buy a home. If you're considering buying your first home, the experienced mortgage specialists of Bank of Internet USA can help you navigate the homebuying process.

Here are just some of the steps involved in buying your first home:

Call 1.888.546.2634 to speak to a knowledgeable Bank of Internet USA Mortgage Consultant who will create a home loan that is perfectly suited to your needs and goals as a first-time homebuyer.

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Resources to Help You Understand the Home Buying Process

Buying your first home is an exciting journey. Bank of Internet USA has prepared the following resources for first-time homebuyers to help make your home buying experience a great one:

Rent No More: The Benefits of Becoming a Homeowner

Being a first time homebuyer means that you will enjoy many unique benefits, including:

  • A newfound sense of community and the feeling of setting down roots.
  • The financial security that comes with building equity in a home and owning the roof over your head.
  • The possibility that the mortgage interest and property taxes you pay will be eligible for a deduction on your tax returns*.
  • The ability to change paint colors, modify your living space, and customize your home however you like.
  • The freedom from worrying about rent increases and cancelled leases.
  • The assurance that the principal and interest payment on your new mortgage loan will remain fixed based on the terms of the loan you choose (unless you chose an , in which case you may still be able to ).

What Can I Afford?

There’s more to paying for your new home than just the amount of your monthly mortgage payments. There are also the up-front costs, as well as ongoing expenses such as repairs, home improvements, and utilities. As a first-time homebuyer, your exact home loan amount and terms will depend on such factors as your income, credit, debt, and down payment amount. Bank of Internet USA’s mortgage calculators are a terrific resource to help you better understand your options.

Mortgage Loans for First-Time Homebuyers

Bank of Internet USA has a wide selection of home loans to choose from including:

  • : These are mortgage loans that conform to the guidelines established by Fannie Mae and Freddie Mac. The guideline that most directly affects first-time home buyers is the lending limit, in most U.S. counties, of $453,100.
  • and : These home loans exceed the lending limits established by Fannie Mae and Freddie Mac. At Bank of Internet USA, Jumbo and Super Jumbo Mortgages are available in amounts of up to $5 million, and amounts higher than that are considered on a case-by-case basis.
  • Government Loans: Government-backed mortgages such as and are extremely popular among first-time homebuyers. VA loans require no down payment, while FHA loans often require a lower down payment than a conventional mortgage.

Whatever your home ownership goals and financial circumstances, our team of Mortgage Consultants will work with you to find the home loan that's perfectly suited to you.

How Do I Start the Home Buying Process?

As you prepare to shop for a home, there are a few things you can do to prepare yourself for the home buying process:

  • Mortgage Pre-approval: Especially as a first-time homebuyer, in order to shop for a home with confidence, you should know whether you are a qualified home buyer. It’s essential that you get before you house hunt. This means the mortgage lender has actually checked your credit, verified your documentation, and approved a specific loan amount.
  • Gather Your Cash: As part of the mortgage pre-approval process, you will also need to know how much cash you can put down to secure your home loan. Start lining up your cash, liquidating where necessary, and see just how much money you can come up with. Use the to run the numbers associated with different down payment options.
  • Find a Real Estate Agent: While looking at homes online is easy these days, qualified real estate agents have experience and skill that comes will prove invaluable to , and to your first home purchase in particular. Homes that you investigate will likely have an agent, but that agent is there to represent the seller’s interests, not yours. It’s generally a good idea for you to have your own real estate agent to represent you during the negotiation process.