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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 Fri. October / 19 / 2018
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