Welcome to Activerain from from all of us at Ken's Home Team. I think you will find this site to be a wealth of knowledge and referrals. This really is the best real estate blogging and real estate network on the internet. If you have any questions about Activerain, reach out to the wonderful Ambassadors here in the rain. (They are a wealth of knowledge and were picked by the Activerain staff for their willingness to help others
Welcome to Activerain and I hope you are learning a lot and if you ever need any assistance, don't hesitate to check out my blog, email me, call me, I will be glad to help you in any way possible. Also, check out the main page of Activerain and look for the Activerain University tab, there are lots of educational webinars to help you build your business.
Thomas - Welcome to Active Rain and congrats on your first post. Be sure to spend some time looking around at what and how others are blogging here - it is a great education and lots of fun. Looks like you’re off to a great start…keep it up!
Thomas, excellent list you've put together here for homebuyers! This could apply to buyers in any area. Great info!
Thomas, you make some good points to remembeall ow which can be deal breakers if forgotten. Well done.
It is more than an interest rate. Mortgage clients should be sure to compare all facets of the financing.
Thomas
A mortgage is a complex thing with many factors to consider before making a particular choice as to what is right. You've outlined all the right reasons to take time, ask questions, consider carefully, and make the right decision.
Jeff
Thomas,
Firstly, I want to welcome you to ActiveRain and congratulations on your featured blog. I am certain we will be reading a lot of great informative blogs from you in the near future.
Your blog says it all, buyers should consider more than just interest rates when they are shopping for a loan. One should always contact a mortgage lender or broker in order to make an educated decision.
We all say it but still many dont listen. I think I did a preempt of this blog to one of my clients and Realtors over the wkd and finally did it sink in.
Thomas: Great list to go by in this dayin age. Interest rate alone is not the only criteria for what mortgage to select. You have to look at points, closing costs and the like.
Yes, waiting for the market to bottom is penny wise and pound foolish . . . the bottom was 18 months ago in my local market.
This is a great post and one which as a lot of valuable information for buyers. In So. New Hamsphire, it is a good time to buy. Interest rates most likely will go up and home prices have started to rise. Buyers may miss an opportunity to buy a home.
Many buyers are fearful of the adjustable rate mortgage, but in some cases it can save you so much money in the long run.
Welcome to ActiveRain, Thomas. You'll love this community.
You are right about consumers missing on certain product. A first time home buyer planning to live in townhome for 3-5 years should opt for ARM - not 30-year fixed!
In my experience...buyers tend to shop interest rates, and rarely look at all other costs involved in a transaction...until they put in an offer.
These are good tips for home buyers. I will bookmark and share with others.
Thomas, the only way to know the rate has bottomed out is when it starts going up again. Most buyers only think about the interest when shopping for a loan. Good points!
Hi Thomas - good information here. Thank you for sharing and welcome to AR!
When it comes to closing cost rates, I think I saved about 6% to be on the safe side. It wound up being less than that so my leftovers went to updates. If a buyer can afford to save the 6%, do it.
Hi Thomas,
Welcome to Active Rain. I think you make very valid points. When I work with a client for a mortgage, I want to know what their objective is. There are many options but not everyone is right for them. Heaven forbid they start talking to friends and family about rates and programs. Now everyone has an opinion on what the client should have. My favorite thing to tell a client is a mortgage rate is nothing more than bragging rights at a cocktail party. After all, when was the last time someone said "i cant wait to make my 3.5% payment"? They don't! The only time rate is important is like anything else, at the time of purchase or when they are cognizant of it. In summary, is it affordable and a payment they are comfortable with? How long do they plan to live there? If these questions are asked in the beginning, it will help everyone!
Great tips to the mortgage process, Thomas! I hope you enjoy your inclusion into the ActiveRain community.
Your blog is concise yet still informative. Fortunately, we have an excellent mortgage consultant at Prosperity Mortgage, and she continuously reminds agents to factor in the other costs that you mentioned. Thanks for this blog entry!
Thomas, I think a buyer needs to connect with a good mortgage broker to go over all the buyers options.
Great tips! The last one is often ignored. Clients need to be informed in detail about aspects other than mortgage rate as well. Some clients may have very little prior knowledge of these things. Explaining such things helps establish a good reputation. This has other advantages. For example, they might refer somebody else who is interested.
DbaiG
Bolee.com
Buyers should not just look at the Interest Rate alone, there are many other factors, costs, terms & conditions that play a big role. As a minimum, they should look at the APR (Annual Percentage Rate).