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Buying a home for the first time can be a very exciting process. When you apply for your first time buyer mortgage it is a good idea to be aware of exactly how the process works. It’s pretty uncomplicated and the approval rate is usually pretty high, unless you have spectacularly bad credit. One thing that keeps many first time buyer mortgages from being approved is a lack of credit history, but many banks may be able to overlook this. A first time buyer mortgage will be secured using the actual home itself. You may be required to place a down payment on the home before your first time buyer mortgage can be approved. Many banks will request anywhere from 10 to 30% down on a home to minimize their risks. This allows them to get more equity on the house and makes getting your first time buyer mortgage a lot easier. Once you apply for your first time buyer mortgage, the bank will consider your application very carefully. The approval time is usually pretty swift, depending on the bank. Most people usually get their response in about two weeks to one month. In some cases, it may take longer, but the process is usually quite fast.

Related reading: First Time Buyer, Mortgage Deal