Posted by: nbaground on: January 25, 2010
Taking the step into becoming a first time home buyer is one of the most significant financial choices an individual will make in their lifetime. There are a variety of factors to consider when embarking on this venture as a first time home buyer. Dozens of first time home buyer programs are available, and it is important to find the one that most closely fits your own extended goals.
To begin with, you've got to have a first time home buyer mortgage consultant in your corner that is willing to take some time to grasp what your long term goals are. Communication is the key factor here.
Curious potential first time home buyers frequently turn to internet-based services just to see what current IRs are. But a faceless web site won't take their customer's future finance planning under consideration or guide the prospective borrower through the numerous subtleties of the first time home buyer loan process. When out shopping for a home loan, be wary of internet based services that give programs to reel prospects in with tasty rates that are based upon unrealistic time frames.
If a lender is offering a brilliant rate based primarily on a 10-day lock-in period, it is doubtful that the potential home owner would essentially be able to find their perfect home, accomplish the negotiation procedure and win approval from a lender within such a short period of time. This is called short-pricing, and when the time comes to close the sale, the rate that was initially offered is simply no longer available. As a result, the unfortunate prospect is forced into a loan program with a higher rate than what they expected or needed.
It is highly unlikely that a qualified loan originator of first time home buyer loans, whose business is reliant on referrals, will use unscrupulous methods such as this to get new customers in the door!
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