|Mortgage & Refinancing Information|
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
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Refinance rates were mixed today. See what that means for your refinance.
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Refinance rates were mixed today. If you're shopping for a mortgage, see how your payments might be affected.
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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…
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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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Several key refinance rates tapered off today. If you're shopping for a mortgage, see how your payments might be affected.
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Several key refinance rates dropped today. If you're in the market for a refi, see how that could affect you.
Refinance rates dip for Wednesday Bankrate.com
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Refinance rates were mixed, but one key rate slid lower. If you're shopping for a refi, see how your payments might be affected.
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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 rates drop off for Thursday Bankrate.com
Multiple key refinance rates receded today. If you haven't locked a refinance yet, see how your finances could be affected.
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.
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 rates tick lower for Thursday Bankrate.com
Several key refinance rates declined today. See what that means for your refinance chances.
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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.
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If you're thinking about refinancing a personal loan, check these factors first.
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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 ...
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Multiple key refinance rates climbed today. If you're in the market for a home loan, 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.
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.
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Refinance rates drop off for Monday Bankrate.com
Several key refinance rates were down today. See what that means for you if you're in the market for a mortgage.
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.
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Multiple closely watched refinance rates receded today. If you're in the market for a home loan, see what that means for you.
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A cash-out refinance can be a great financing option depending on your use of the cash and your financial profile. This calculator will help you determine how ...
Refinance rates rise for Wednesday Bankrate.com
Multiple closely watched refinance rates floated higher today. See what that means for you if you're in the market for a mortgage.
Refinance rates ratchet higher for Wednesday Bankrate.com
Several key refinance rates were higher today. See what that means for you if you're in the market for a home loan.
Weekly mortgage applications to buy a home hit the lowest level in a month as rates continue to rise - CNBC
Weekly mortgage applications to buy a home hit the lowest level in a month as rates continue to rise CNBC
The highest interest rates in about a month and high home prices took their toll on the mortgage business last week. Total mortgage application volume slipped ...
Refinance rates drop for Wednesday Bankrate.com
Multiple closely watched refinance rates trended down today. See what that means for you if you're in the market for a home loan.
Refinance rates dip for Friday Bankrate.com
Multiple closely watched refinance rates were down today. See what that means for you if you're in the market for a mortgage.
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A drop in mortgage interest rates did nothing to spur borrowers to action. Applications for to both refinance and to purchase a home fell for the week.
Refinance rates ratchet higher for Monday Bankrate.com
Multiple key refinance rates climbed higher today. If you're shopping for a home loan, see what that means for you.
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Refinance rates drop for Saturday Bankrate.com
Multiple benchmark refinance rates slid lower today. If you're shopping for a home loan, see how your payments might be affected.
Refinance rates move lower for Saturday Bankrate.com
Several closely watched refinance rates tapered off today. If you're in the market for a home loan, see how your payments might be affected.
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Refinance rates increase for Wednesday Bankrate.com
Multiple closely watched refinance rates climbed today. If you haven't locked a refi yet, see how your finances could be affected.
Refinance mortgage rate ratchets higher for Thursday Bankrate.com
Refinance rates were mixed, but one key rate climbed. If you're shopping for a mortgage, see how your payments might be affected.
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While mortgage interest rates dipped ever so slightly in the last week, they've been trending up for the majority of this year. In fact, the interest rate on a 30-year, ...
Refinance rates tick higher for Saturday Bankrate.com
Several closely watched refinance rates were higher today. If you're in the market for a mortgage, see what that means for you.
Refinance rates slide for Thursday Bankrate.com
Multiple benchmark refinance rates dropped today. If you're shopping for a refi, see how your future mortgage payments could be affected.
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Bad Credit? Qualify Yourself For A Zero Down Mortgage Loan
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Bad Credit? With Poor Credit You Can Still Refinance Or Get A Home Equity Line Of Credit
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