Mortgage LowDown - News, Tips and Resources

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If only I had read this very useful list of 43 Must-Know Tips (and Resources) for Every First-time Home Buyer when my husband and I where searching for our first home. There is much to be said for being prepared and having an understanding of what you are venturing into.

It seems many of us just expect the realtor to tell us what we should and should not do. People will take more time into finding the right digital camera that only costs a few hundreds dollars but when it comes to buying a home that costs hundreds of thousands of dollars we are not nearly as in control. Why is this?

It could be that we are overwhelmed with the realtor and mortgage jargon that it is easier to take the back seat and let those with the ‘knowledge’ plan how we are going to live the next 30 years??? Let’s stop having a passive control of our finances and step into the drivers seat.

There is no excuse for not being educated these days. The Internet net has a wealth of information that we can access instantly. MortgageLowDown.com.com is one of those free resources that will educate you on all things related to home buying. As mention before the information available in the 43 Must-Know Tips (and Resources) for Every First-time Home Buyer would have been very helpful to us before we bought our first home. The first 3 tips in the section titled ‘Plan of Action’ would have been extremely helpful. I have listed the first three tips below. I’ll give an ‘amen’ to number one.

1. First things first – You need a budget if you ever hope to save for that home you want to own

The media, along with the illusion of abundance created by our credit cards have led to a culture where impulsive spending has become the norm. We don’t think twice about picking up that fancy outfit or those cool shades. And of course we have to have those latest CDs and DVDs. And we end up losing out on the opportunity to save for things that are really important – such as saving for that home we want to own.

2. Educate Yourself – Knowledge is Power

Use resources such as the U.S. Dept. of Housing and Urban Development’s (HUD) first time home buyer programs. “These programs are designed to help first time home buyers weigh the benefits of renting vs. buying. The programs teach first time home buyers about the different mortgage programs that are available, the value of a home inspection, and what to expect at closing, including calculating your closing costs.”

3. Know Your Rights

As a home buyer, and as a mortgage borrower, you have certain rights – don’t let anyone intimidate you into believing otherwise. “You have the RIGHT to know the reason if your loan was turned down.” Read the complete list.

You hear me stress a lot on this site about ‘taking control and change the way you handle your money’ well for all you potential homebuyers remember this means you too. Don’t let your self be strapped to a mortgage your couldn’t afford because you didn’t plan ahead. A place to start - Mortgage LowDown - offering useful home buying and mortgage news . Just be sure you educate yourself before buying your next home.

March 28, 2007 | Filed Under Home Buying, Paying The Bills- Sponsored Ads | 2 Comments