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Doing Mortgage Homework

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.


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