Buying 1st home: How/what is the easiest way to learn about…?

Deal Score0

Closing Costs?
Types of Mortgages?
Interest Rates & Credit Scores?

Is there any good websites or books that explain the process and help you understand what all the terms and loan types are?

6 Comments
  1. Reply
    annazzz1966
    May 17, 2011 at 6:12 am
  2. Reply
    MoneyMatters101.com
    May 17, 2011 at 6:27 am

    One of the best websites for loan, mortgage, and real estate information is MoneyMatters101.com. MoneyMatters101.com gives a wealth of information about business and finance, money, insurance, credit and FICO scores, and data about buying and selling property.

  3. Reply
    Ed Atun
    May 17, 2011 at 6:57 am

    THis is one of the best ways to interview realty agents. Don’t ask them to give you a class. Just ask 5 if they will take you out looking for a house. You will know in minutes which one is the smartest and the best at teaching you.
    Closing costs are $ 3,000. Your 1st month’s mortgage payment, 1 year fire insurance, 1/2 year property tax, $ 35 credit report, $ 1,500 loan fees, $ 65 termite inspection.
    Get a 30 year fixed mortgage and take no others.
    Rates are 6.5% today. To get that rate you need credit above 700.

  4. Reply
    bay1realty Francisco SF Bay Area
    May 17, 2011 at 7:49 am

    You can read about it on many different web pages where they offer to sell you mortgages. Eloan, Lendingtree, to name a couple.

    The easiest way though is to just go to a few of your local banks and talk to their residential mortgage person. Talk to a few so you can compare notes and begin to really understand what options you have. Ask them all of the questions you have written above. You will get more info than you can digest, and they can also help you figure out your borrowing power.

    Do not miss the $ 7500 tax credit the feds are offering first time buyers. See details here: http://www.federalhousingtaxcredit.com/glance.php
    (I don’t work for them nor am I affiliated with them in any way)

  5. Reply
    Landlord
    May 17, 2011 at 7:50 am

    Wow, lots of spam and time wasters.

    You honestly do not need to understand everything, just what pertains to you.

    You should start with getting pre-approved from a reputable bank, none of the sharks around here. I suggest Wells Fargo, they have great customer service.

    Your closing costs vary by city and state, they are the fees for filing various papers related to the sale.

  6. Reply
    Potato Head
    May 17, 2011 at 8:29 am

    I’ve bought several good books from Amazon.com. Most web sites are nothing but trash and clowns trying to rip you off.

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