Married Couple With A Newborn Needs A Mortgage Without a Lot of Money Down

Married Couple With A Newborn Needs A Mortgage Without a Lot of Money Down

Up to this point my husband and I have lived in a tiny apartment in attempts to keep our costs down. With all the saving he and I have been doing, it wouldn’t be hard to say that we really have been stockpiling a very tiny fortune for some time now.  With our newborn daughter in the picture, we are looking to move out of the apartment and into something a whole lot roomier and a whole lot closer to home. We have even less time now that Amanda is in the picture, so there is no sense to commute for hours every day when we could simply settle in a cute little community closer to both of our jobs. As long as the price is right and we call can be happy with our decision, things can start to be very very exciting for us!

It is our hope that my family can get approved, but that really is in the hands of the lenders not ours at this point. One thing that is for sure, as long as we can choose the right loan for our family, then our new home wont be a dream anymore, it will be a big accomplishment and solid ground for our whole family to build on. The worst thing that can happen will be that our family is unable to receive funding in this new economy. I know we will get approved now or later, so all of us are hoping it will occur soon.

I keep hearing that in order to get any new home as first-time home buyer we will need at least 50,000 dollars down. We don’t have that much.

My husband and I do not want to leave any stone unturned so we spoke with every single one of our friends who have been through the mortgage cycle. Some of our friends did not ever get approved and others did. We chose to take heed to all their advice and are left with a significant decision to get an adjustable or a fixed loan.

Since this will our very first home outside of the apartment it seems to make sense that fixed mortgage would be the best for our family. As long as we go with the fixed loan, we can build stability for our daughter and not worry about increasing rates overtime and focus on paying off the mortgage over 15 or 20 years. If all goes well we will land this fixed rate mortgage and finally get our new place together.

This whole mortgage process has been a wild experience. Until you go through it on your own, you will never know what you are getting into. With the right advice it can be smooth sailing, but without it you really are a ticking time bomb waiting to explode. Luckily for us we took the information from our friends and also utilized our computer to search yahoo and msn for the lowest mortgage rates available for a young married couple like ourselves. We were very surprised from all the information that these search engines gave us. Some information was extremely eye opening while other’s seemed like a whole bunch of hype. The two sites that provided us with the best web surfing experience were Mortgageloan.com and Lender411.com.

The reason I mention MortgageLoan.com and Lender411 is because of the great mortgage information we found on both of these sites. They really were significantly more informative then all the rest and I am glad we found them, hopefully they can be of use to you as well. My husband and I just are waiting for a straight path to our home. We are crossing our fingers to become homeowners and we are looking not to run into any brick walls. Who knows what will happen though anyways?

Our family is finally ready to move into our dream home. It will be exciting to see how this whole process unfolds.

Krista Scruggs is an article contributor for Lender411.com.  She is writing on behalf of Ray and Kendra Okunorboye, two concerned consumers just trying to figure things out.  So far, as a test, I’m looking to qualify for the best Chicago Mortgage Rates for an Illinois home loan mortgage.