Mortgages 101

A Mortgage Guide for First-Time Homebuyers

As a first-time homebuyer, you can dramatically improve your chances of having a smooth, hassle-free homebuying experience by knowing and available to you. The mortgage specialists of Bank of Internet USA have provided the table below as a guide to the types of loans most popular among first-time homebuyers, including basic information that can help you start to determine which mortgage option may be best suited to your unique financial needs. You will also want to consider the willingness and ability of a mortgage lender to customize and loan packages based on each customer’s individual goals.

If you have questions regarding specific rates and terms, or you would like to review any of the mortgage options below in further detail, please contact one of our experienced Mortgage Consultants at 1.888.546.2634. We can help you choose the home loan that’s right for you, , and assist you in .

Mortgage Key Benefits A Good Fit for You...
: Interest rate of the loan does not change for the life of the loan.
  • The lowest fixed rates
  • No sudden payment changes
  • Plan to stay in your home for a fair amount of time
  • Can put at least 5% down
: lowest rate for the first 3-10 years of the loan.
  • The lowest short-term rates
  • Initial lower monthly payments
  • Know you'll be moving within the next few years
  • Can put at least 5% down
: low interest rates for higher-priced properties.
  • Higher purchase limits
  • Industry-leading low rates
  • Fixed-rate and ARM options
  • Are buying a home that exceeds conforming loan limits ($417,000 in most areas)
  • Can put at least 20% down
: Government-backed with low interest rates.
  • Low down payments
  • Flexible qualification guidelines
  • Fixed-rate and ARM options
  • Have limited cash for a down payment
  • Don't have an established credit history or have a low credit score because of past challenges
: Low interest loans backed by the government for the military.
  • Little or no down payment
  • No mortgage insurance required
  • Flexible qualification rules
  • Fixed-rate and ARM options
  • Are an active military member or veteran
  • Are the surviving spouse of a service member who died as a result of military service