December 10, 2006

Choosing a Mortgage Lender

Choosing a Mortgage Lender

 

There are tens of thousands of mortgage companies in America. In some states, you don’t even need a license or any experience to originate mortgages.

 

Because of the sheer amount of choices you will have when you go to obtain a mortgage loan, you need to ask some specific questions before choosing a lender. Asking the right questions will help you find a lender who will offer you great service and low rates/fees. It might also help you avoid a mortgage scam.

 

Remember, as the client, you are in the driver’s seat. This is your chance to be the big boss and ask the important questions. Interview your mortgage lender using the 7 questions dreaded by all lenders.

 

 

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December 2, 2006

First-Time Homebuyers Now

First-Time Homebuyers Now

 

Despite low mortgage interest rates, a smaller percentage of first-time homebuyers are entering the market, according to an annual profile of buyers and sellers just released by the National Association of Realtors.

 

During the year ending in June, 36% of all buyers who purchased a home were first-time buyers, according to the association's annual profile of homebuyers and sellers.

 

That's down from 40% a year ago. About 7,500 buyers and sellers were surveyed.

 

Part of the reason for the declining share of first-time homeowners: Declining affordability for those entering the market after the housing boom of the past couple of years bumped up home prices, said David Lereah, the NAR's chief economist, during a news conference held at the Realtors' annual convention in New Orleans. A greater number of second-home sales also may have contributed to a lower percentage of first-time buyers overall.

 

Read more about the survey's results…

 

 

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