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by christel on 13. October 2008 21:48
Among the most important purchases you will ever make is your home. Be it a small one when you’re young or something more suited to your desires when older – the fear that goes with this commitment, is often rivaled only by marriage or the decision to start a family. Home mortgage basics are easy to grasp, yet a high degree of focused research is in store for the first time homebuyer. One of the first steps to take towards owning your dream home is choosing the right mortgage broker. But when faced with the dizzying amount of choices out there, you are often left more confused than when you began. So, what do you do?
- You start right at the bottom – ask friends and loved ones who have recently made a similar decision. The most important step would be to find a person who you can trust and be comfortable with to provide you with the appropriate pre-purchase housing counseling.
- But don’t just trust others. Do your own research. Pick up that phone and get online and personally check out the different offers. Don’t be afraid to take time and get the answers to all your questions. This is a big deal for you and you have every right to quiz the broker of your choice.
- Typically, a mortgage broker can get you a lower mortgage rate than a bank in your vicinity. Comparison of interest rates is a crucial factor in the process, but more importantly look into the credentials and reputation of your provider. Ask your mortgage broker on what basis they make their recommendations. Mortgage brokers are paid commissions to sell loans, so make sure you ask plenty of questions about the commissions they are paid.
- Apart from this make sure you have all necessary communication in writing irrespective of your preferred mode of communication. Never sign any blank forms. Make a note of all dates, times, names, and offers. Apart from serving as a quick and handy reference, it can be very helpful in case of any disputes.
This is going to be one of the largest investments of your life and you should make the effort to understand the details. Especially in the case of a first time homebuyer, it is absolutely critical for you to research and get a clear idea of the different kinds of mortgagesavailable and choose the best broker for your needs.
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