Doing
Your Mortgage Homework
I
can remember sitting in the car dealership with my father back in 1988
when I was seventeen years old in the process of buying my first car.
As the car salesman left his desk and his paperwork to consult with his
manager, my father turned and said to me, “this is one of the worst
things you have to do in life” the only thing worse he said, was
buying
a house.
At
the time, I wasn’t exactly sure what he was talking about. But
looking back some seventeen years later, after purchasing two homes and
selling one, I know exactly what he was talking about.
Buying
a new home, or even refinancing
one, can be one of the most stressful and painful things you will ever
have to do in life. It is by far the largest financial transaction you
will ever make in your life. (Unless of course you are Bill Gates, or
Paul McCartney).
The
majority of people in America are not experts on the mortgage
and real
estate industry, so when it comes to buying
or refinancing,
the long drawn out process can be very intimidating.
There
are so many parameters that must be taken into account, and a maze of
jargon
that you must educate yourself through during the entire process. You
must find a realtor
(tm) you can trust, a lender
to loan you the money, you must figure out what you can afford,
and how much you need for a down
payment, the list goes on and on.
When
purchasing or refinancing a home, it is absolutely essential that you
do your homework, and ask a lot of questions. You will be amazed at just
how many types
of mortgages and programs
are out there for you, so it is important to do a lot of research before
deciding to choose the correct one for you.
Mortgages
range from the standard conventional
you get from your local bank, from the interest
only programs you can get through a broker.
If you are a veteran,
there is a program just for you, if you are a first
time home buyer, there is a program just for you. Again, the list
goes on and on.
This
site is designed to educate you on purchasing
a home and refinancing. We are confident that it will bring to light,
in laymans terms,
everything you need to know about your decisions in real estate.
Points
ARM
Loans
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Arranged in an easily accessible question-and-answer format, Mortgages 101 provides readers with essential lending formulas, as well as important information on lending requirements and application procedures. With mortgage stories dominating the front-page news, people—whether they’re buying a new house or refinancing—increasingly have questions about the complicated issues at stake.
