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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. July / 22 / 2019
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Mortgage rates may be rising but there's still room to refinance your home loan. Use these six ways to get the best deal on your first mortgage refinance.
Should you refinance your mortgage now? Clark.com - Clark Howard
Money expert Clark Howard has a simple rule for when to refinance your mortgage. See if it applies to you and how you can hit a "grand slam" if you do it.
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This is how ridiculously low mortgage rates are now. A historical perspective - The Mortgage Reports
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Refinance mortgage rate slides for Friday Bankrate.com
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Mortgage rates today, July 19, 2019, plus lock recommendations The Mortgage Reports
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It's Your House, Only Cheaper — Why Homeowners Should Refinance Now to Save Big - PaperCity Magazine
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Over 8 million homeowners are leaving big money on the table by not refinancing The Coloradoan
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Mortgage rates haven’t been this low since 2016 — here’s how to decide whether to refinance your home loan MarketWatch
More people are pursuing refinances as mortgage rates have dropped.
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Homeowners scramble to refinance mortgages as rates hit the lowest level in 17 months. But mortgage applications for home purchase rose just 0.5%.
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Retail sales and industrial production showed some really strong results in June. Despite this, stocks fell quite a bit. Find out what happened.
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As mortgage interest rates drop, homeowners could save hundreds per month by refinancing. However, it's not a smart financial decision for everyone.
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Nearly 6 million people can now cut their mortgage payments with refinancing Bankrate.com
The recent drop in rates means that 5.9 million people can potentially save money by refinancing their existing home loans and securing a lower rate -- two ...
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Whether you've owned your home for a short time or you've had your mortgage a bit longer, a mortgage refinance involves careful consideration. After all, you'll ...
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Home equity is up and rates are down. But homeowners refuse to tap into equity for major financial goals like a college education or home improvements. Is that ...
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As the rest of the economy slows, housing may be a bright spot, according to a new report from Fannie Mae.
Mortgage refinancing spree becomes a race against the clock Bankrate.com
Some 2.43 million homeowners can reduce their mortgage interest rate by refinancing, according to a recent mortgage report by Black Knight, a mortgage data ...
Refinance Your Mortgage Quickly: Prequalify in Just 3 Minutes Credible News
Let us do the heavy lifting for you. Compare rates from multiple lenders with no impact to your credit score. Refinance your mortgage with peace of mind.
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A Long Island man who pleaded guilty to felony charges in the collapse of a $1-billion-a-year mortgage lender is scheduled to be sentenced in federal court ...
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The usual reasons to refinance are to reduce the monthly payment or to raise cash. The third option, which is under-appreciated, is to shorten the period of ...
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A turnaround in interest rates turned borrowers back on their heels last week, deflating a quick boom in refinance demand.
More, Hirt, and Henn of Mission Capital Advisors arrange
$15.2 million first mortgage refinance for The Box Factory - New York Real Estate Journal Online
More, Hirt, and Henn of Mission Capital Advisors arrange
$15.2 million first mortgage refinance for The Box Factory New York Real Estate Journal Online
Brooklyn, NY Mission Capital Advisors' debt and equity finance group has arranged $15.2 million of first-mortgage financing for The Box Factory, redeveloped ...
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Mortgage rates are continuing their downward spiral. According to Freddie Mac, the average rate on a 30-year fixed-rate loan has dropped to just 3.82%—down ...
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Interest rates are near historic lows, and one particular VA loan refinance option that is easy to qualify for can enable homeowners to save thousands on their ...
What to consider before determining whether to refinance your mortgage Washington Post
REAL ESTATE MATTERS | For a home-run refinance, try to find a deal that helps you do these four things: lower your interest rate, shorten your loan term, lower ...
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The CHOICERenovation (sometimes written “Choice Renovation”) mortgage from Freddie Mac gives borrowers a new option to buy and fix-up homes without ...
Refinance mortgage rate moves higher for Wednesday Bankrate.com
Refinance rates were mixed, but one key rate were higher. See what that means for you if you're in the market for a mortgage.
Refinance mortgage rate moves higher for Friday Bankrate.com
Refinance rates were mixed, but one key rate were higher. If you haven't locked a refi yet, see how your future mortgage payments could be affected.
TRANSACTIONS Real Estate Weekly
Marcus & Millichap Capital Corp. (MMCC) arranged a total of $4,280,000 in refinancing for 29 single-family rental properties in the southern New Jersey area.
Mortgage refinance checklist: what you need to refinance your home The Mortgage Reports
This handy mortgage refinance checklist tells you what you need to do before refinancing. Get your paperwork in order and know your refinance goals to speed ...
Cash-out mortgage refinancing: Here’s where homeowners are using it most Bankrate.com
Homeowners who snagged a low-interest mortgage in recent years generally avoid refinancing the loan because interest rates are higher now. When they need ...
Refi Closings for Millennials Taking Longer National Mortgage Professional Magazine
A combination of lower rates and more Millennial homebuyers has resulted in a refinance closing rate that took six days longer from April to May, according to ...
Mortgage applications surge on refinances as rates hit 21-month low USA TODAY
As mortgage rates fell to the lowest level since September 2017, mortgage applications surged 26.8% last week, led by an increase in refinancing.