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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 Mon. August / 03 / 2020
10 things to know before refinancing your mortgage Fox Business
Don't let mortgage rates distract you. You should also consider this when refinancing - FOX 29 News Philadelphia
Don't let mortgage rates distract you. You should also consider this when refinancing FOX 29 News Philadelphia
Compare Today's Mortgage Refinance Rates: Jul 30 Credible News
Don't make these mortgage refinancing mistakes | Business | swoknews.com The Lawton Constitution
Is It Already Time To Refinance Again? Mortgage News Daily
Current Refinance Rates, July 15, 2020 | Rates slide Bankrate.com
What is the average refinance closing costs? The fees add up Business Insider
How much equity do you need to refinance your mortgage? FOX 35 Orlando
Refi Rates Today, July 24, 2020 | Rates slide Bankrate.com
Wells Fargo tells new clients they need $1 million in balances for certain mortgage refinancings - CNBC
Wells Fargo tells new clients they need $1 million in balances for certain mortgage refinancings CNBC
You might have a tough time getting a 'jumbo mortgage' during pandemic. Here's what to expect - CNBC
What Is A No-Closing-Cost Mortgage? Bankrate.com
Your Mortgage: Confessions of a refi addict Shawnee Mission Post
See how much the low, new mortgage rates could save you, plus tips on finding unclaimed funds: That’s Rich! r - cleveland.com
See how much the low, new mortgage rates could save you, plus tips on finding unclaimed funds: That’s Rich! r cleveland.com
Should I pay off my mortgage or invest the money instead? | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Should I pay off my mortgage or invest the money instead? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Compare mortgage, refinance, insurance, CD rates Bankrate.com
Mortgage refinance: Everything you need to know Fox Business
How to get the best mortgage refinance rates Fox Business
How to refinance your mortgage Fox Business
Retire debt in retirement Shreveport Times
Is now the best time to refinance your mortgage? Fox Business
Mortgage rates will drop below 3% by year-end as their record decline continues, Fannie Mae says - Markets Insider
Mortgage rates will drop below 3% by year-end as their record decline continues, Fannie Mae says Markets Insider
When should you refinance your mortgage? Fox Business
Mortgage refinance applications spike 79% as homeowners rush to take advantage of lower rates - CNBC
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears - CNBC
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears CNBC
Home Appraisals: How They Work & What to Expect Credible News
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway - MONEY
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway MONEY
How does mortgage refinancing work? Bankrate.com
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world - MarketWatch
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world MarketWatch
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 - Business Insider
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 Business Insider
Getting a mortgage after bankruptcy: What to know Bankrate.com
Right now would be a good time to refinance your mortgage Tampa Bay Times
Federal Home Loan Bank of Boston Announces 2020 Second Quarter Results, Declares Dividend - PRNewswire
Federal Home Loan Bank of Boston Announces 2020 Second Quarter Results, Declares Dividend PRNewswire
The basics of no-closing cost mortgage refinancing Fox Business
Rushing to Refinance Your Mortgage: 6 Tips and What to Avoid The New York Times
Weekly mortgage refinance applications spike 15% as interest rates plunge to lowest in nearly 4 years - CNBC
Weekly mortgage refinance applications spike 15% as interest rates plunge to lowest in nearly 4 years CNBC
Successfully Refinancing Your Mortgage Isn’t Just About Getting A Great Interest Rate. Here’s What Else You Need To Look For - Forbes
Successfully Refinancing Your Mortgage Isn’t Just About Getting A Great Interest Rate. Here’s What Else You Need To Look For Forbes
The impact of the coronavirus on mortgage refinancings Brookings Institution
Should you join the rush and refinance your mortgage now? Washington Post
The 8 Best Mortgage Refinance Companies of July 2020 | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
The 8 Best Mortgage Refinance Companies of July 2020 | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
The Mortgage Rates 'Sweet Spot' is Finally Here. Should You Refinance? | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
The Mortgage Rates 'Sweet Spot' is Finally Here. Should You Refinance? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
2% mortgage rates: Real or marketing gimmick? | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
2% mortgage rates: Real or marketing gimmick? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports