| When looking at tips for first time home buyers, | | | | imagine that now, but statistic's show that on |
| you've come to the right place. Many people are | | | | average people move or get a new home loan |
| looking all over the Internet for reliable information. | | | | about every 7 years. |
| There's over 761,940 websites (as of March 05) | | | | Having someone you trust, that has your best |
| with information or online forms urging you to fill | | | | interest is what you need. I look at it this way, if |
| them out for more details. | | | | I do a good job for you, you might tell 1-2 of |
| While I certainly agree the Internet is a great | | | | your friends. If I did a bad job for you, you'll tell |
| place for obtaining tips for first time home | | | | 100 of your friends. I build my mortgage business |
| buyers, it can also become a real information | | | | 1 loan at a time. I love referrals so I take a |
| overload as well. So I want to give you some tips | | | | personal interest in each and every borrower. My |
| that can help in your search. | | | | customers talk about me to their friends!! |
| Tips for First Time Home Buyers #1 | | | | Tips for First Time Home Buyers #3 |
| Don't be too quick! | | | | Choose your Loan Officer wisely. |
| Avoid giving out your personal information like | | | | Now because of the Internet, home lending has |
| Social Security number, date of birth etc. at | | | | become a big business. Mortgage Brokers and |
| every website that asks for it. This is the single | | | | Lenders have popped up everywhere. Many have |
| biggest mistake I've seen made. Some first time | | | | also fallen by the roadside at the same time. The |
| home buyers in their zeal to get started do this. | | | | money business is HUGE! Did you know that over |
| The problem is this, many sites will require this | | | | 1.3 TRILLION dollars changes hands around the |
| information before they'll give you any details. | | | | globe everyday?? When you start to think about |
| They start out with a simple, name and address | | | | it, it staggers your mind. Your First Time Home |
| screen, then lead into screens that ask for more | | | | Buyers loan is just a very small part of daily |
| personal details. | | | | business. |
| At all costs, hold off giving out this private | | | | There's a big difference between a lender and a |
| information. You will have to at some point in | | | | broker. Brokers are middle men between you and |
| time. Not until you've learned about the mortgage | | | | the lender. They get paid for brokering your loan. |
| process should you do this. What happens when | | | | They also can help you get loan offers from |
| you fill in the forms online? Your e-mail box will be | | | | many lenders. Since the mortgage broker gets |
| flooded with loan offers. Many places tout they'll | | | | wholesale pricing, this can be good if it's done |
| have 4 lenders or even more give you quotes. | | | | without running your credit every time. That's |
| Guess what? Nearly every one of these lenders | | | | why I say choose your Loan Officer wisely. |
| are going to run a credit report. If you have | | | | Many times when working with a broker, you |
| numerous inquires in your credit in one month, this | | | | may not know who your lender is until the day of |
| can affect your credit score. | | | | closing. Again, this is still alright if your loan is |
| Another reason to be careful here is that most of | | | | locked, you know all the details of the loan |
| these websites are lead generators. The company | | | | product and so forth. What's important is that the |
| or webmaster will sell your information to one or | | | | Loan Officer has revealed all the correct |
| perhaps even more sources and then we have a | | | | information. Is it a fixed rate loan? Is it an ARM? |
| BIG problem. It can costs you in your credit | | | | Is the interest rate what he quoted you in the |
| score. The lower your credit score, the higher | | | | beginning?? I can't tell you how many times I've |
| your interest rate will be. The higher your credit | | | | heard horror story's about last minute changes. |
| score the lower your interest rate. | | | | The buyer finds out that their closing costs are |
| Tips for First Time Home Buyers #2 | | | | more, the interest rate is higher etc. When you're |
| Work with someone you trust. | | | | at the closing table, the buyer's there, the seller |
| How can you determine if that person is honest | | | | and the realtors. What are you going to do?? |
| and trustworthy? Listen to them closely. Are they | | | | If you go ahead and close because the pressures |
| trying to hurry you along to get your personal | | | | on, it's going to cost you thousands of dollars |
| information? Or are they taking the time to | | | | over the years. Many ruthless loan officers have |
| explain things and help you to understand exactly | | | | done this to First Time Home Buyers and just |
| what you're about to get into? | | | | don't care. They may never see your face |
| Buying a home is the single biggest investment | | | | anyway. You're just a paycheck to them. |
| most people make in their lifetime. Then | | | | Working with someone you trust can help avoid |
| afterwards, managing that debt is important also. | | | | this problem and save you money. Dealing with a |
| You want to work with someone who will help | | | | loan officer who is on your side will protect you. |
| you do this. They should be interested in a long | | | | Nevertheless if you've been taken advantage of, |
| term relationship with you. Over your lifetime you'll | | | | this is a RESPA violation and they should be |
| get more than 1 mortgage. I know, it's hard to | | | | reported. |