In my opinion…one of the most overwhelming parts of the home buying process unfortunately can be obtaining a mortgage and picking a good lender to go with….especialy for first time home buyers. Many times, first time buyers love shopping for a house and planning to move in…but frankly, obtaining a mortgage just simply is not fun.

I remember personally when I bought my first place before I was an agent all of the sudden I had dozens of lenders calling me multiple times a day pushing themselves onto me and talking down on the other lenders. Just a few days of this and I was almost ready to just give up on purchasing. Thankfully, I found a lender who I really trusted and had a great product as well…who knows, I may have never bought if she had not come around!

Whether you are a first time home buyer or have done it dozens of times before…frankly, the process can be very overwhelming! The standards and products are constantly changing…and of course there are hundreds of lenders ready to “help you out” everywhere that you go. I suggest narrowing it down to about three based on referrals from friends or your realtor. From there…you should not get overwhelmed with the dozens of calls you will get if you put your name out there. Just don’t make the mistake I did my first time and inform the world that you are purchasing and haven’t picked your lender.

With that said, I was cruising around this morning on the site and came across some pretty good lending information for those who want to get a little more familiar with the process.

First, I came across an article that basically explains the concepts that every borrower (and even realtor) should know when beginning the process of obtaining a mortgage.

I also wanted to point out the mortgage calculator menioned in the article. It is one of the better ones I have seen. It will help you begin to see what you can afford…however don’t be dissapointed if it looks like you are close but can’t afford something. Talk to a lender in person first!

Also, if you take some time to click around this mortgage professor’s website who published these articles you will see all kinds of useful information. The site isn’t very visually stimulating but it is on of the better sites when it comes to concepts that I have seen in quite a while.

Anyways…today is opening day for the M’s and we are quite excited aroun here. Hopefully we’ll see lots of sunshine today and all week. Have a great day and enjoy the game if you get out there this afternoon!

(…)

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!


This entry was posted on Monday, March 31st, 2008 at 2:36 am and is filed under Mortgages/Loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.