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Tips for First Time Home Buyers
When looking at tips for first time home buyers, you've come to the right place. Many people are looking all over the Internet for reliable information. There's over 761,940 websites (as of March 05) with information or online forms urging you to fill them out for more details.
While I certainly agree the Internet is a great place for obtaining tips for first time home buyers, it can also become a real information overload as well. So I want to give you some tips that can help in your search.
Tips for First Time Home Buyers #1
Don't be too quick!
Avoid giving out your personal information like Social Security number, date of birth etc. at every website that asks for it. This is the single biggest mistake I've seen made. Some first time home buyers in their zeal to get started do this. The problem is this, many sites will require this information before they'll give you any details. They start out with a simple, name and address screen, then lead into screens that ask for more personal details.
At all costs, hold off giving out this private information. You will have to at some point in time. Not until you've learned about the mortgage process should you do this. What happens when you fill in the forms online? Your e-mail box will be flooded with loan offers. Many places tout they'll have 4 lenders or even more give you quotes. Guess what? Nearly every one of these lenders are going to run a credit report. If you have numerous inquires in your credit in one month, this can affect your credit score.
Another reason to be careful here is that most of these websites are lead generators. The company or webmaster will sell your information to one or perhaps even more sources and then we have a BIG problem. It can costs you in your credit score. The lower your credit score, the higher your interest rate will be. The higher your credit score the lower your interest rate.
Tips for First Time Home Buyers #2
Work with someone you trust.
How can you determine if that person is honest and trustworthy? Listen to them closely. Are they trying to hurry you along to get your personal information? Or are they taking the time to explain things and help you to understand exactly what you're about to get into?
Buying a home is the single biggest investment most people make in their lifetime. Then afterwards, managing that debt is important also. You want to work with someone who will help you do this. They should be interested in a long term relationship with you. Over your lifetime you'll get more than 1 mortgage. I know, it's hard to imagine that now, but statistic's show that on average people move or get a new home loan about every 7 years.
Having someone you trust, that has your best interest is what you need. I look at it this way, if I do a good job for you, you might tell 1-2 of your friends. If I did a bad job for you, you'll tell 100 of your friends. I build my mortgage business 1 loan at a time. I love referrals so I take a personal interest in each and every borrower. My customers talk about me to their friends!!
Tips for First Time Home Buyers #3
Choose your Loan Officer wisely.
Now because of the Internet, home lending has become a big business. Mortgage Brokers and Lenders have popped up everywhere. Many have also fallen by the roadside at the same time. The money business is HUGE! Did you know that over 1.3 TRILLION dollars changes hands around the globe everyday?? When you start to think about it, it staggers your mind. Your First Time Home Buyers loan is just a very small part of daily business.
There's a big difference between a lender and a broker. Brokers are middle men between you and the lender. They get paid for brokering your loan. They also can help you get loan offers from many lenders. Since the mortgage broker gets wholesale pricing, this can be good if it's done without running your credit every time. That's why I say choose your Loan Officer wisely.
Many times when working with a broker, you may not know who your lender is until the day of closing. Again, this is still alright if your loan is locked, you know all the details of the loan product and so forth. What's important is that the Loan Officer has revealed all the correct information. Is it a fixed rate loan? Is it an ARM? Is the interest rate what he quoted you in the beginning?? I can't tell you how many times I've heard horror story's about last minute changes. The buyer finds out that their closing costs are more, the interest rate is higher etc. When you're at the closing table, the buyer's there, the seller and the realtors. What are you going to do??
If you go ahead and close because the pressures on, it's going to cost you thousands of dollars over the years. Many ruthless loan officers have done this to First Time Home Buyers and just don't care. They may never see your face anyway. You're just a paycheck to them.
Working with someone you trust can help avoid this problem and save you money. Dealing with a loan officer who is on your side will protect you. Nevertheless if you've been taken advantage of, this is a RESPA violation and they should be reported.
Jeff Ragan is a loan officer interested in helping people understand the mortgage process.
Too many people have been taken advantage of by unscrupulous loan officers. His website has dozens of informative pages to help first time home buyers save time, money and mistakes. Feel free to visit at http://www.jeffreyragan.com
MORE RESOURCES updated Sun. December / 16 / 2018
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Refinance rates were mixed, but one key rate declined. If you're shopping for a mortgage, see how your payments might be affected.
Refinance rates slide for Monday Bankrate.com
Several benchmark refinance rates fell today. If you're in the market for a home loan, see how your payments might be affected.
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Refinance rates were mixed today. If you're shopping for a mortgage, see how your payments might be affected.
Refinance rates fall for Tuesday Bankrate.com
Multiple closely watched refinance rates decreased today. If you're shopping for a home loan, see how your payments might be affected.
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While price gains are now shrinking, affordability is still at the lowest level in a decade and proving to be the biggest barrier to housing demand. Sales of newly ...
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Several closely watched refinance rates sunk lower today. If you're in the market for a mortgage, see what that means for you.
Fannie Mae to Change Cash-Out Refi, Other Lending Guidelines Zing! Blog by Quicken Loans
Fannie Mae announced some important changes to cash-out refinance guidelines that you should know. If you're ready, apply today to be considered.
Residential Refinance Mortgage Originations Drop 21 Percent In Q3 2018 Markets Insider
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Retreat of Smaller Lenders Adds to Pressure on Housing The Wall Street Journal
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Mortgage rates slide the fastest in four years, but it may be too late for the housing market - MarketWatch
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Refinance rates drop off for Wednesday Bankrate.com
Several key refinance rates dropped today. If you're in the market for a refi, see how that could affect you.
Former mortgage lender COO gets 24 months for $8.9m scam Mortgage Professional America
The former COO of Long Island, N.Y.-based mortgage lender Vanguard Funding has been sentenced to 24 months' imprisonment for his role in a scheme to ...
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SoFi Is Said to Cut 7% of Staff and Revamp Ailing Mortgage Unit Fortune
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The 30-year fixed-rate average has fallen 19 basis points in three weeks to 4.75 percent.
CFPB sues mortgage company for allegedly deceiving veterans about refinance benefits Lexology
On December 6, the CFPB announced the filing of a complaint and proposed final judgment in the U.S. District Court for the District of Nevada against…
Refinance rates drop off for Saturday Bankrate.com
Multiple benchmark refinance rates trended down today. If you're in the market for a refinance, see how your payments might be affected.
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Multiple closely watched mortgage rates fell today. See what that means for you if you're in the market for a mortgage.
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Several key mortgage rates climbed higher today. See what that means for you if you're in the market for a home loan.
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Brookfield Asset Management is tapping the European commercial mortgage bond market to refinance a 36-story office building in the City of London that it ...
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Mortgage rates ease for Wednesday Bankrate.com
Multiple benchmark mortgage rates receded today. If you're shopping for a home loan, see how that could affect you.
Checking on lunch kebabs: Has the home loan crackdown gone too far? The Sydney Morning Herald
When Carla Jenkins recently sought to refinance a loan over a house she bought six years ago, she faced a very different vetting process from her bank.
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Examining Refi Performance The MReport
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3 Signs You Should Refinance Your Mortgage The Motley Fool
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Refinance mortgage rates mixed for Friday Bankrate.com
Refinance rates were mixed today. If you haven't locked a refinance yet, see what that means for you.
Refinance mortgage rates mixed for Tuesday Bankrate.com
Refinance rates were mixed today. See what that means for you if you're in the market for a mortgage.
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Refinance mortgage rate moves up for Friday Bankrate.com
Refinance rates were mixed, but one key rate moved higher. If you're in the market for a mortgage, see what that means for you.
Refinance mortgage rate advances for Thursday Bankrate.com
Refinance rates were mixed, but one key rate moved higher. See what that means for your refinance chances.
Refinance mortgage rate trends higher for Tuesday Bankrate.com
Refinance rates were mixed, but one key rate advanced. If you're shopping for a home loan, see what that means for you.
Rates Are Rising, But Is It Time To Refinance? Five Scenarios To Consider Forbes
Mortgage rates are rising. Does that mean it's time to refinance? About 85% of you just shuddered at the thought of refinancing as rates climb. Hear me out.
Refinance rates rise for Tuesday Bankrate.com
Multiple key refinance rates moved higher today. If you're shopping for a home loan, see what that means for you.
Best Mortgage Lenders Bankrate.com
The best mortgage lender isn't the same for everyone.That's why we compiled a list of best mortgage lenders for first time home buys to those looking for their ...
Rocket Mortgage Review Bankrate.com
Rocket Mortgage from Quicken Loans lets you apply for a mortgage in minutes using nothing more than a smartphone app.
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Around 50 runners make their way around Yorkville during the 11th annual Toronto Speedo Run on Saturday December 15, 2018. Clad in nothing but running ...
Refinance mortgage rate slides for Thursday Bankrate.com
Refinance rates were mixed, but one key rate slid lower. If you haven't locked a refinance yet, see what that means for you.
Refinance mortgage rate slides for Monday Bankrate.com
Refinance rates were mixed, but one key rate sunk lower. See what that means for your chances of scoring a killer refi rate.
Refinance rates fall for Saturday Bankrate.com
Multiple key refinance rates trended down today. If you're in the market for a home loan, see what that means for you.
When and How to Refinance a Personal Loan Bankrate.com
If you're thinking about refinancing a personal loan, check these factors first.
Credible Brings the Power of Its Marketplace to Mortgages Credible News
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Refinance rates slide for Wednesday Bankrate.com
Several key refinance rates declined today. If you're shopping for a mortgage, see how your payments might be affected.
Refinance mortgage rate ticks higher for Wednesday Bankrate.com
Refinance rates were mixed, but one key rate floated higher. See what that means for your chances of getting a better mortgage rate.
Refinance mortgage rate eases for Saturday Bankrate.com
Refinance rates were mixed, but one key rate slid lower. If you're shopping for a refi, see how your payments might be affected.
Refinance mortgage rate drops for Friday Bankrate.com
Refinance rates were mixed, but one key rate were down. If you haven't locked a refi yet, see what that means for you.
Mortgage refinance candidates cut by half in the past four months National Mortgage News
The number of mortgage borrowers for whom it made sense to refinance declined by nearly half since the end of last year and is at its lowest since November ...
Government set to launch affordable housing project next week Capital FM Kenya
NAIROBI, Kenya, Dec 12 - President Uhuru Kenyatta says he will launch the first affordable housing project in a week's time. Speaking during the 55th - Kenya ...
Refinance rates decline for Thursday Bankrate.com
Multiple benchmark refinance rates receded today. See what that means for your chances of getting a better mortgage rate.
What It Takes to Refinance a Jumbo Loan NerdWallet
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Potential refi market falls 40% as mortgage rates keep rising National Mortgage News
The spike in 30-year fixed interest rates, at a time of continuously rising home prices, has pushed home affordability to its lowest level since 2009, and cut ...
Refinance rates move higher for Tuesday Bankrate.com
Several key refinance rates rose today. See what that means for you if you're in the market for a home loan.
Mortgage rates decrease for Wednesday Bankrate.com
Multiple benchmark mortgage rates ticked downward today. The average rates on 30-year fixed and 15-year fixed mortgages both receded. The average rate on ...
Mortgage refinance share jumps 5% despite rising interest rates HousingWire
The refinance share of mortgage activity increased a full 5% from December to January, rising to 45% of all closed loans, according to the latest Origination ...