3 Tips For First Time Home Buyers

3 Important 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 But, 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 just 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
Let me tell you a quick little story I once was dealing with a
person who wanted to refinance We had gone online and fill out
several forms at different websites By the time he got to me,
when I was able to look at his credit score, he had over 100
inquiries in his credit in one month His credit score was so
low I could’nt help him Save yourself this grief, be careful!
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 13 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 Emotions are running high! 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

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