Go Back   The Finance Forums > Finance forums > Mortgages



Mortgages Mortgages lending and lendors - your mortgage experiences, questions, and discussion.

Reply
 
Thread Tools
  #16  
Old 09-03-2008, 02:21 PM
alex@borrow123.com alex@borrow123.com is offline
Junior Member
 
Join Date: Sep 2008
Location: Gaithersburg, MD USA
Posts: 3
Default Re: Any suggestion for a first time buyer mortgages

Quote:
Originally Posted by jakenathan View Post


I hope I’ll get some valuable suggestions and tips from this forum also.


Thanks
Hi Jakenathan,

Hope I can help you out, even though you may be in the midst of this process already. There are a few things I would advise any first time home buyer.

1. Educate yourself on the basics

There is certain terminology that comes along with the mortgage process. You don't need to know all the ins and outs, but understand what a fixed rate versus an adjustable rate means, points, Good Faith Estimate, and an APR are. This will go a long way towards understanding the loan you have and what you're signing up for.

2. If it sounds too good to be true...

Unfortunately a lot of companies that cater towards low down payment, or shaky credit history borrowers are looking to hook in high interest payments. Or if they are low interest payments, they come at the expense of high closing costs. In order to get the best picture of a loan, you need to take into consideration the points you need to pay that "great interest rate", and closing costs - only then can you get an "apples to apples" comparison between two loans.

3. Bigger is better?

Not necessarily. As with any business, if you're spending lots of money on advertising, that usually means it's passed on in closing costs (see my note in #2 about closing costs).

4. Take your time

I know you said you don't have lots of time to go through this process, but it's one of the biggest financial commitments anyone goes through - make sure it's the best deal. It also does require some documentation of income, etc so be prepare for that. But as long as you prepare yourself well, the mortgage process can be a good one.

Good luck, and feel free to message me if you have any questions!
Reply With Quote

  #17  
Old 10-07-2008, 08:49 PM
leonel80 leonel80 is offline
Junior Member
 
Join Date: Oct 2008
Location: San Antoni, TX
Posts: 10
Default Re: Any suggestion for a first time buyer mortgages

Congrats on your new home! I did pass through all this last month. Be prepared as very well have been said here to sign lots of paper and have copy of all your financial statements. Also you will need at least 20% down payment if you want a good rate. Good luck in your new home.
Reply With Quote

  #18  
Old 10-17-2008, 11:21 PM
Shell Shell is offline
Junior Member
 
Join Date: Feb 2008
Location: Toronto,canada
Posts: 5
Default Re: Any suggestion for a first time buyer mortgages

If you are planning to purchase your dream home, you have to do a lot of due deligence and get as much info before you dive into it.
Mortgage rates predictions and to calculate a mortgage is one of them. See how the markets and mortgage rates are going and know much how mortgage you can afford. By calculating how you can afford you may have a ballpark figure as to how far you can go. I hope this may somehow help you to start.

Shell

Last edited by Shell; 10-17-2008 at 11:26 PM. Reason: grammar error
Reply With Quote

Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



» Boards




All times are GMT -4. The time now is 01:59 AM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.