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Home Ownership Made Easy

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Jan 22, 2004 10:21 pm re: First-time Buyer Fears
Angelo Cerase


> Devin Holloway wrote:
> What advice would you give to people thinking about making the plunge?


Well, there are a few pieces of advice I'd give a new homeowner.

First off, visit a mortgage broker for your mortgage, instead of (or in addition to, if you must) just visiting a bank and taking what they give you. Since a mortgage is like a commodity, let the financial institutions fight over who gets to lend you the money. But make sure you find a mortgage broker that first determines with you what type of mortgage is the best fit for you, whether you want a long term, shorter term, fixed rate, variable rate, etc.

Second, the lender may offer mortgage insurance with your mortgage, the same way a McDonalds employee offers your fries with your burger. Get your insurance elsewhere. Why? First off, YOU determine the beneficiary, not the bank. Many people say they love their children or spouse or whowever more than they love the bank, yet the bank is the beneficiary of their insurance? It doesn't make sense. Secondly, if you get it elsewhere YOU own the policy, and not the bank, so you can take the policy with you if you renew your mortgage with another bank. There are plenty of other reasons why, if anyone is interested, email me and we'll talk.

Third, if you are buying a house in the suburbs, find out ahead of time what future developments are planned for your area. I know of a nice housing development that should be expecting construction crews soon to build a highway extension right next door. Actually, this piece of advice does not just include the suburbs, but the entire city as well. In my town, buyers of a new housing development, that was right across the street of a slaughterhouse, were assured by the developer that the slaughterhouse would be closed down by the time the homes were built. This was of course news to the owner of the slaughterhouse that had been in business for many years and had no plans of closing down. Not sure what happened afterwards.

Of course, getting a good realtor, a good lawyer, and a home inspector (even with new homes) are a given.

Hope this helps!

Angelo

Private Reply to Angelo Cerase (new win)





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