Step One of overcoming the Mid-20's Crisis: Finding that right loan.

So here we are in the midsts of what we all feared...growing up. Most of us have completed college, gone into the careers we've studied and toiled over for the four, five or six years of school, and yet we're still stuck in one of the two horrible circles of the post college inferno, either; 1) paying rent to some land lord, that while sweet and allows us to keep our pets even though the lease has the "No pet" clause, still doesn't care that all we are doing is the monetary equivalent of throwing our money out the window, or better yet, setting it on fire, or 2) which is far, far, worse, we're still living in the same room that we grew up in with our parents down the hall.

So, where do we go from there? We all know what the next step is, but the view from the bottom of the mountain can be somewhat daunting when it isn't presented to us in a clear and concise manner.

So, as The Fray said, "Step one, you say we need to talk," to a loan officer. This is imperative to the process and doing it first just makes the rest of the process much easier, and lowers the chance of heartbreak later on. When you talk with a loan officer, and you get a letter from the afore mentioned officer of lending you suddenly go from being some kid who wants to look at houses, to one of the highest commodities in the real estate league (Imagine going from being Raphael Palmeiro to David Ortiz). With the amount of loan programs that are out in the world now there is always a way to get yourself into a house without being in danger of ending up owing more money than you started out with. Any good agent will advise you whether or not your loan will work for you or if you will end up in the fetal position in the corner repeating over and over again how you hate your money pit of a house.

Your loan officer should be able to tell you all about the loan program the two of you came up with together. Ask every question that your over stimulated mind can come up with. Good questions to ask, 1) What rate am I getting? 2) Is that fixed or adjustable? 3) What are points? Do I want them? and how do I get them? 4) What is the origination fee if there is one? 5) Can you define Debt to Income Ratio? 6) How much can I get from the sellers toward my closing costs? 7) How long do you need to get me fully approved? 8) Will you attend settlement? 9) What is a negative-am loan? 10) What is PITI, and does your loan escrow for taxes and insurance? (Not that any of us need the extra special instruction here, but please, pl-ease, pl-ea-se, understand that the words in bold are important, and you need to know them)

After all those questions are answered, plus whatever questions you found while reading other blogs and websites and your loan officer is banging his or her head against the desk, you've done your job. Now you have the glorious letter that has taken you from being a Palmeiro to an Ortiz, and you can hold that letter triumphantly in the sky as you bellow to world that you have just taken the first step towards the American dream, of home ownership, of having something that you can finally call yours, not mom's and/or dad's, or your sibling's, or your friend's, but your little slice of this world that you can do with as you please. And to that I will say congratulations, and God speed in the next step of over coming the Mid-20's crisis.

Now you know, and knowing is half the battle.

next: Step 2 of overcoming the Mid-20's crisis: Calling me (or whatever other Realtor you have foolishly decided could do a better job for you) to set up an appointment to begin the search that will help you find your first dream home.

Call me with any questions between the hours of 9:00 a.m. to 7:00 p.m. EST at 703-393-1336 and I will be happy to help.
Be sure to visit my teams website at www.TheWrightMillerCompany.com