First Time Home Buyers
Don’t let purchasing a home intimidate you. If you have ever thought about leaving the world of rent, but aren’t sure how you will afford it, let the bank decide that. Contact a mortgage broker in your town. (I highly suggest that you NOT choose a national mortgage chain like that of e-loan, Lending Tree, or Countrywide.) A short telephone interview will reveal your spending potential. Time after time I meet buyers who are completely shocked by how much they can actually afford!
There are hundreds and hundreds of mortgage products out there today. From First Time Home Buyer loans, to Interest Only loans, to Government Sponsored loans, to Conventional loans. The right mortgage broker will be able to provide you with the best product for you!
If I could give only one piece of advice it would be to shop around. Ask the mortgage broker for a “Good Faith Estimate.” This will give you an idea of how much you can afford to purchase and how much closing costs will be. After you have contacted a minimum of three brokers, compare these GFE‘s and choose the one that appeals to you the most. Interest rates are not set in stone. More times than not they will be negotiable.
I know some great mortgage brokers! Let me know if you are interested and I can get you their contact information.