Carey Pott has been a licensed mortgage broker for over four years and built a successful mortgage company, January Financial. For more information, go to http://www.januaryfinancial.com.
Carey has also partnered with a real estate attorney, Rand Rodman, to create a fantastic ebook called the Home Buying Codex. For more information on this exciting new ebook, check out Home Buying Codex.
Between the Internet, well-meaning family and friends, and know-it-all articles in the print media, it's hard to know where the facts end and the nonsense begins. Facts are everywhere, but so are urban legends, hidden agendas, and opinions posing as truth. Fact or fallacy - it can be devilishly hard to tell the difference.
Predatory lending is far more prevalent in refinancing than in the purchase market. One reason is that buyers tend to look for mortgages from established and recognized lenders, many of whom are bound by rules put forth by Fannie Mae, FHA, or the Veterans Administration. If they don't follow the rules, they cannot sell their loans on the secondary market.
It's pretty easy to isolate the good from the bad in a lot of professions: a dentist laughing gleefully every time you flinch, a plumber demanding payment up front while your knees disappear underwater, a real estate agent who never returns your call or is constantly dragging you to inappropriate houses. You wouldn't let any of these hang around long enough to do any real damage.
Apples vs. oranges. Dave Letterman vs. Jay Leno. These debates may rage on for decades, and we can add another one to the list: fixed vs. adjustable. We're speaking, of course, of fixed rate and adjustable rate mortgages.
Real estate experts go by a few different names, although the distinction shouldnt matter for you as a first time home buyer. Important is to make certain the broker or agent you chouse is a licensed real estate professional. All real estate brokers or agents are licensed and regulated by each state.
In many states, the sub-agency has been eliminated. In these states, if an agent is working for a buyer, he or she is a buyer agent. In this case the buyer must pay the percentage or fee to the broker or agent. If the agent is working for the seller, he or she is a seller agent (or conventional). That clears up some of the confusion. If the subagent t1 or the buyer broker is also the listing2 broker, he or she is known as a dual agent.
I hear it all the time, and you probably do too. On the radio, TV, in the newspaper or online Call now to get a 30-year fixed loan at x% with no points or fees!. Id like to explain to you why this almost never makes sense.
We've all been taught by our parents, grandparents, and conventional wisdom that we should pay off our home mortgages so we can own our home free and clear. So that the bank can never take our home from us. I'm going to show why that thinking is outdated and present some new ideas on using mortgages as a tool to increase wealth.
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