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

Home Equity ? Is it Time to Cash Out and Move?

During the last five years, home prices have increased nationwide. In some parts of the... Read More

Credit Problems? With a Subprime Mortgage Lender, Poor Credit is Not a Problem

Have you been turned down for a home loan recently because you have a bad... Read More

Online Mortgages in 5 Easy Steps!

We're all entitled to the opportunities and benefits of home ownership. But because most of... Read More

Home Equity Loan ? Good Choice for Luxury Purchases?

Home equity loans or lines of credit have increased dramatically in popularity in recent years.... Read More

Mortgage Basics for First Time Home Buyers

Anyone planning to take out a mortgage for the first time will most likely find... Read More

New Home Loan - 3 Tips To Speed Up The Mortgage Loan Approval Process

Imagine this: you've found the perfect house, and feel lucky because the interest rates happen... Read More

How easy is it to get a Commercial Mortgage in the UK?

As is the case when applying for any mortgage, be it a residential or a... Read More

What Are Mortgage Brokers And Why To Use One

"Mortgage" is formed from two words: the French word "mort" meaning "dead" and the word... Read More

Financing a Home With Bad Credit

Financing a home with bad credit is a common problem for people. Over 25% of... Read More

Mortgage Cycling May Be Your Best Bet For Equity Buildup and Investment Real Estate

Mortgage cycling is a system that relies on solid budgeting, equity lines of credit and... Read More

Money Smart Homeowners Use this Mortgage Strategy Every Time

There are currently more than 50 million home mortgages in the United States today. So... Read More

Mortgage Marketing

W. Edwards Deming said "Marketing and innovation are the only source of value in business,... Read More

Buying a New Home ? Home Buying Tips

If you in the process of looking for your first home, there are some essential... Read More

How To Tap In To Your Home Equity

With today's relatively low interest rates and climbing property values, many consumers are considering taping... Read More

Adjustable vs Fixed Rate Mortgages

Mortgage rates can either be fixed for the duration of your loan or can be... Read More

Securing a US Commercial Mortgage

What's the most efficient way to secure a US Commercial Mortgage? Work with a mortgage... Read More

Home Loans and Mortgages ? Tips to Avoid Foreclosure

Today's real estate market is a volatile one; prices are at record levels and Interest... Read More

What On Earth are Home Equity Loans?

Home equity loans are one of the most common types of financing for doing improvements... Read More

Refinancing Your House - How to Know Whether to Refinance or get a Second Mortgage

Refinancing your house's mortgage is not the same thing as getting a second mortgage. While... Read More

Buying a Home With Bad Credit - Why a Recent Bankruptcy Will Not Stop You From Getting Approved

Buying a home with bad credit is possible with the help of a subprime lender... Read More

Home Loans: To Substantiate Financial Possibilities On Your Land

Availability of Home loans is in full bloom. They are uncomplicated, tenable, easily available, very... Read More

Florida Refinance - Refinancing in Florida

The decision to buy a home in Florida can be one of the best you... Read More

Escrow Accounts, Do You Absolutely Need One?

With escrow accounts the money for your home insurance and property tax is added to... Read More

Understand a Real Estate Appraisal

Happy New Year. Make a difference this year. "Pay it forward" as in the movie.... Read More

Think You Cant Get a Mortgage?

You've finally found that dream home that you have always been searching for, but you... Read More

Home Mortgage Lenders - How to Find A Good Mortgage Broker Online

Mortgage lenders have set up shop online, but they aren't all reputable mortgage brokers. To... Read More

Refinance Your Property Online

By refinancing your property online you can take advantage of competitive rates in the convenience... Read More

Your Mortgage Rate Compare and Save

When trying to obtain the best mortgage rate compare offers from several lenders or brokers.... Read More

Option One Mortgage Loans ? Getting an Option ARM or Option One Mortgage Loan

Have you heard about or been interested in finding out more about option one mortgage... Read More

Home Mortgage Loan Pre-Approval Online ? Keys When Applying For A Mortgage Online

Applying online for a mortgage is very fast and easy. Just make sure of a... Read More

Mortgage Sales Hit Problems

The housing market has been buoyant over the past few years, but mortgage providers and... Read More

Jumbo Home Mortgage Loans - What They Are and Where To Get Jumbo Loan Financing

A jumbo mortgage is different than a conforming loan. A jumbo loan amount exceeds that... Read More

First Time Home Buyer Loans Made Easy

When it comes to firsttime home buyer loans, a little research can save you thousands... Read More

How to Get Cheap Home Loans with a Bad Credit

It's been years since you made any major improvements to your home and it's about... Read More

Shopping for A Mortgage? Do Your Homework First

If you happen to be shopping around for a mortgage, it is very important that... Read More

Secured Loans ? Making the Most of Your Home as Collateral

My visit to the lender was interrupted with my wife demanding a reason for my... Read More

High Risk Mortgage Lenders - Using a Sub Prime Lender Online

Sub prime lenders handle high risk mortgage loans that traditional lenders refuse to touch. Through... Read More

Secured Homeowners Loans ? In Case You Thought a Home is Worth Few Dollars

Money is like music, if managed well, produces a good symphony. One wrong note ?... Read More

Guide to Mortgages

A mortgage is a loan that is guaranteed by a property. At its most simple... Read More

5 Steps to Getting on Top of your Mortgage

Getting on top of your mortgage so you can pay your loan off faster and... Read More

Securing a Cheap Home Improvement Loan

Finding a cheap home improvement loan can be a challenge at times, but the extra... Read More

What the Bank Won?t Tell You About Mortgage Refinancing

So you have a mortgage, and you need to refinance to get your interest rates... Read More

Should You Get an Interest-only Home Mortgage?

Before you consider taking out an interest-only mortgage, you should first understand what they are.... Read More

Home Equity Loan ? When Does Refinancing Make Sense?

For the last two years, interest rates have been much lower than anytime during the... Read More

Choosing a Mortgage Lender

Just as there are many types of mortgages and mortgage deals to choose from, there... Read More

Home Mortgage Refinancing ? What?s in Your Contract?

Are you one of the millions of Americans who will be refinancing their home mortgage... Read More

How I Became a Hard Money Lender

Unlike other investors, my venture into real estate was a natural extension of my secondary... Read More

How To Choose Your Mortgage Loan

Are you excited about purchasing your first home? Or maybe this isn't the first, but... Read More

Remortgage ? When Monthly Mortgage Payments are Touching New Heights

Current economic scene has hinted towards a fall in the Bank of England base rate... Read More

Where To Find The Best Rates For Your Mortgage?

As with all of my articles this will be based on a scenario in my... Read More