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Vicki Lloyd |
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Choosing the best way to finance the purchase of your home is not simple. There are many programs that work well for some people, but are not at all suitable for someone else. The interest rates and programs change daily, as well as the factors that determine whether or not you will qualify. The best way to find the mortgage that suits your personal needs is to take some time to learn the basics. When you are ready to start your mortgage application process, please call me for a referral to a trusted mortgage lender! Mortgage Education ResourcesAdvice from The Mortgage Professor This is an incredible website with all the definitions, and plain talk explanations about everything to do with mortgages. He defines many terms, explains the differences between adjustable rate indexes, and some "gotchas" that some mortgage companies try to pull. Take a look at this site and bookmark it to refer back to! Morgan Brown's "Blown Mortgage Blog" - A great article that gives you the step-by-step instructions for getting the best mortgage when you refinance. Many of these tips are also applicable when you buy a home, so please read this good advice! And read other good articles and advice on his blog! Fannie Mae - Fannie Mae buys the mortgages from most of the mortgage bankers around the country. They set the standards for qualifying for loans. FHA - The source for Government Insured loans. FHA loans typically offer low down payments, but have fairly low loan limits. (In Orange County, the most you can borrow from FHA on a single family residence or condo is $362,790.) Watch out for Mortgage Fraud! Here are some websites or blogs that keep up-to-date with the latest mortgage fraud information:Ralph Roberts Blog at Active Rain The Flipping Frenzy Mortgage Fraud Site Casey Serin's Blog The story of a 24-year-old "wannabe" real estate flipper who attended some get-rich-quick seminars, then bought 8 properties in 8 months with no money down and wound up losing most of them in foreclosure. He talks very frankly about lying on his mortgage applications, overpaying for properties, using creative financing, begging the lenders for more time before foreclosing, etc. Pretty interesting!
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