Many first-time home buyers have more questions than answers on how to buy a
home. No one wants to pay more than they have to for a house, property, or
insurance. Even more, prospective buyers, who have never been responsible for
property upkeep, could feel that they are getting swindled on a home in need of
major repairs. Before anything else, first secure a mortgage quote before wasting
a realtor’s time showing you properties.
Below is some simple advice to help you get that first mortgage quote.
Seek Advice
Image Courtesy of Kenneth Knight via Flickr
Not everyone who has bought a house has great advice to offer you. Instead,
seek expert advice on the current conditions of the market to learn how the
economy has shifted recently and is expected to change in the short-term, and
what that means for your loan. Check with a broker for a proper quote that
encompasses your income, expected income, assets, and prospective earnings for
the future as well as any credit deficiencies.
Typically, brokers will offer you a free mortgage quote in hopes of
retaining your business. A broker will also suggest you have at least 3 percent
of any potential loan freed up for a down payment. While sites like www.mobiloans.com are great to get
access to some emergency funds, you should begin to secure a down payment even
before getting the advice from a broker or other expert.
Shop Comparatively
Image Courtesy of David Shankbone via
Flickr
Far too often, first-time home buyers will go with the first mortgage quote
they receive because they think the next quote will be the same. In reality,
mortgage brokers have skill levels just as any other occupation. Here are some
of the ways one broker could save you money over another:
- Finding the best
insurance for you. There is a number of free online insurance
quote systems. While it’s hard to reject a kind broker in his office or
even on the phone, shopping for multiple quotes over the internet allows
you to have control of which quote is best for you.
- Explaining bad
quotes. A good broker can explain to you what a bad quote looks
like so that you know what you don’t want in a mortgage.
Begin your journey for a mortgage quote by doing some independent research
on brokers in your area. There are free message boards as well as pay sites,
like Angie’s List, that allow you unfettered access about how customers have
egarded their experiences with local brokers and mortgage lenders.
Make sure to compare quotes, and secure that all of your financial
information is being processed correctly to receive the best mortgage rates as
well as associated insurance costs.
