How to negotiate a first mortgage on a first home purchase.
Shop Around to Find the Best Mortgage Rates
You can get a sense of what mortgage rates to expect on websites such as Bankrate.com, and from online lenders such as E-Loan and Quicken Loans.
A competent mortgage broker can help you identify the best loan for your needs and do the comparison shopping for you. They can also give you an idea of the loan amount you qualify for.
The expertise of mortgage brokers varies greatly. To find a knowledgeable and experienced one, ask friends, family members, and colleagues if they know of someone they had a good experience with and would recommend to you.
For your first home purchase, it makes very good sense to enlist the help of an experienced mortgage broker. Buying your first home can be stressful enough without adding the additional burden of comparison shopping for a loan.
I don’t have time to cover them here, but there are several other important considerations when choosing a mortgage that I’ll talk about in upcoming episodes. In episode 18 we'll tackle whether or not you should pay mortgage points, then in episode 19 I'll compare the pros and cons of 15 and 30-year mortgages, and finally, in episode 20, I'll explain the mortgage interest deduction (and who gets to keep it).
Today, I’m giving away a copy of 106 Mortgage Secrets All Homebuyers Must Learn But Lenders Don’t Tell by Gary Eldred. This week’s winner is Kelly A. from Sioux Falls, South Dakota. Kelly was the first person to correctly answer last week’s trivia question, which was:
Which three states in the U.S. are growing the fastest?
Kelly correctly answered that the fastest growing state is Arizona, followed by Nevada, and then Idaho. Congratulations, Kelly! Please check your e-mail for instructions.
And here’s a little more information for the curious: The next two fastest growing states are Georgia and Texas. You can find a link to a US Census press release showing the top 10 fastest growing states at the end of the transcript for this episode at quickanddirtytips.com.
Because this episode has a sponsor, I’m giving away a second bonus copy of the book. If you’ve sent me an e-mail or posted to the blog, you were automatically entered in the giveaway for the bonus book. And the winner is Melissa in Cary, North Carolina. Congratulations! You’ve won the bonus copy of 106 Mortgage Secrets. Check your e-mail for instructions.
Cha-ching! That's all for now, courtesy of Money Girl, your guide to a richer life.
If you have a question or comment, e-mail it to firstname.lastname@example.org. Money Girl is part of the Quick and Dirty Tips network. Check out the other helpful Quick and Dirty Tips podcasts like Modern Manners Guy, Legal Lad, and The Mighty Mommy. Thanks for listening!
Click here to see the top 10 fastest growing states