Big Mistakes
Paying too much for your first South Chicago mortgage loan is a big mistake. Luckily, it is one that is easily avoided when you are buyng your first home. Many lenders originate home mortgage loans to first time buyers at below-market rates with much lower upfront costs. Also, most governmental units - local, state, and federal - either guarantee or directly fund these loans for first time buyers at sometimes astonishingly favorable rates and terms. In the case of banks - they hope to profit from you when you return when buying subsequent homes. Governments recognize that people who own their homes rather than rent them make better citizens. Therefore, they encourage home ownership.