Getting Your First Home Loan

Jeff HammerbergIf this is your first time buying a home, the process to get your first home loan can seem complicated. Applying for your first home loan can be tricky, and the most important thing you can do is look to the experienced gay realtor you’re working with for advice. It’s recommended to get assistance from those who have done it before, and in this case, your agent has probably done it hundreds of times.

Even though things are different than they were three or four years ago when it was possible to get your first home if you had a pulse…, it is still possible for responsible, stable individuals to qualify for a loan. Do your homework and find out what programs are available for first time home buyers in your city.

Don’t choose your lender based upon the lowest interest rate… there are many unscrupulous lenders out there that will quote you a low rate and then bombard you with add-on fees, or even increase your rate at closing. Also, don’t give any lender authorization to pull your credit report, until you have chosen them as your lender! If you have multiple lenders with your information, all running credit… it will lower your credit score and make the final lender wonder why so many lenders were “trying to get you a loan”.

Again, any top real estate agent will be able to guide you through this process and prevent new home buyers’ mistakes that could cost you dearly.

When applying for your fist home loan the lender will require many items like bank statements, W-2s, paycheck stubs, explanations of credit report items and more. Essentially, the lender wants to know that you have the income and ability to repay your home loan. You need to be patient in this process and give the lender what they are asking for and work with them to understand exactly what format they need it in. This is another time it is extremely beneficial to ask the advice of those who have gone through the process already. They can let you know what is normal, what may seem a little out of the ordinary, and most importantly give you the reassurance you need.

It is better to start out small so that you remain comfortable – plenty of people mortgage hefty loans without any hope of becoming financially free in their lifetime. Eventually getting your loan paid off should be your top priority, no matter what.

Although most mortgage brokers have a set fee for their services, it does pay to shop around to get a feel for the different interest rates and terms involved with your mortgage loan. A good mortgage broker will help you to save thousands of dollars over a long period of time. They can also be quite helpful if you do not understand the terminology or language that many mortgage companies use on a regular basis.

Make a few inquiries online and speak with your gay real estate professional as to what programs the mainstream financial institutions are offering. This will be a great investment of your time and energy, toward a brighter future as a new homeowner.

Author Jeff Hammerberg is the Founding CEO of http://www.GayRealEstate.com.

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