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The “30-year” repayment plan allows homeowners to review their debts after the time allowed on the mortgage. The “Interest Only Option” will enable homeowners to pay the interest only on the mortgage and a small segment of the monthly installments. This will help you by providing you extra cash for debt consolidation. Finally, the “1% minimum” repayment plan provides you with an increase of income, since you will save on mortgage repayments at the “1%” rate. If you are a first time homebuyer with bad credit, you may want to checkout the First Time Buy Loans intended for people with debt problems. When a person has debt issues, it can become frustrating, since the person often does not qualify for credit. The mortgage lenders that offer First Time Buy Loans have several options for helping debtors find the best deals. Be aware that you may be obligated to pay fees upfront on your First Time Buy Loan.

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