Getting the Best Mortgage as a First Time Home Buyer in Nebraska
Purchasing a home is no short-term commitment. With payment terms ranging from 15-30 years, it’s likely that first time home buyers in Nebraska will be paying a mortgage for decades to come.
As such, it’s important for Nebraska first time home buyers to take the time to research mortgage lenders, products, and rates to ensure that home ownership will remain affordable over the long-term.
In the sections below, we’ll provide you with tips on getting the best mortgage rates for first time home buyer loans in Nebraska.
How to Get the Best Nebraska First Time Buyer Mortgage Rates
Finding the best mortgage rates for first time home buyers in Nebraska won’t happen immediately. It takes time and research to find what works for your unique financial situation.
If you’re interested in exploring your options, consider using the tips below to find the best rates for first time home buyers in Nebraska.
Boost Your Credit Score
Just as with any loan, better credit scores will provide better interest rates. First time home buyers in Nebraska can position themselves for a better mortgage rate through improved credit scores, even when it comes to refinancing down the road.
For example, according to myFICO, refinancing with a credit range of 760-850 can make borrowers eligible for rates of 3.5 percent.
Compare that to 5.1 percent rates for credit scores between 620-639, and borrowers could potentially be looking at savings of 1.5 percent or more.
Even if it’s just a few points, an improved credit score could certainly help you get the best rates for a Nebraska first time home buyer mortgage.
Save Up for a Down Payment
Saving up for a significant down payment may not be fun, but it can go a long way in boosting your chances at better rates for Nebraska first time home buyers.
Most mortgage lenders require at least 3 percent, but putting 20 percent down is the best way to provide long-term savings.
A larger down payment will not only affect the rate for a Nebraska first time home buyer loan, but it can also save you from purchasing mortgage insurance, saving money over the life of the mortgage.
Comparing current Nebraska first time home buyer loan rates from multiple lenders can be tedious, but it’s the best way to ensure that you get an affordable mortgage.
Be sure to check multiple providers of Nebraska first time home buyer mortgages, including online lenders, banks, and credit unions before committing to a lending product.
This is particularly relevant for first time home buyers in Nebraska, since many mortgage lenders will offer special rates and terms for first time home buyer loans in Nebraska.
Conclusion – Getting the Best Mortgage as a First Time Home Buyer in Nebraska
Once you know what type of mortgage for a first time home buyer in Nebraska you are interested in, your next step is to start evaluating lenders to find the best rates and terms.
Just as with any other shopping experience, it’s important to weigh in your options and compare multiple offers for Nebraska first time home buyer loans to ensure that you are getting the best deal possible.
Affordable and manageable mortgages for first time home buyers in Nebraska are determined not just by monthly payments, but also by interest rates and mortgage terms.
As such, don’t be afraid to shop around until you find the best Nebraska first time home buyer loan for your financial needs.
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