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Mortgage Advice - First Time Buyers

I found a great article listing tips that real estate experts had for first time buyers looking for financing.

32 Mortgage Experts Reveal Top Tips for First Time Buyers

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One piece of advice that I have always given is to find a mortgage broker you trust and work well with together.  Spend the time early on with that broker to figure out what you can afford and what product is best for you. Then, when he/she gives you their pricing, shop around their offer.  Out of curtsy, you should give them the chance to match your best offer. That being said, this is business and a huge financial commitment, I would almost always go with the best rate/payment/plan.

SothebysLogoScott Elwell 

Sotheby's International Realty- (MBA) - GreenwichCT.com One Pickwick Plaza, Greenwich, CT 06830 | Licensed in CT & NY Mobile: 203.940.0444 | Fax: 203.930.2808 | Email: scott@elwell.com

 

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  1. Brad Yzermans on

    Scott, That was a great list of home buyer tips.....thanks for sharing. I agree, a buyer really needs to trust their loan officer. What I have found though is that people obsessed with getting a rate lower than anyone else in the world will spend way more time than what benefits them. Chasing a rate often leads to rate lock reluctance because they are waiting/hoping rates will improve, and often miss out on the lower rate, which has everything to do with the financial markets influencing treasuries and bond market.
    • Scott Elwell on

      Thanks for the comment Brad. I agree that the rate lock game is a dangerous one and frankly, unless you are an expert, one that buyers shouldn't spent too much time on.

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