When Buying a Home - Where do you start when finding a home loan?

If you are a first time buyer, congradulations! It's a very exciting time and an investment well worth the energy and time. If you are like most individuals, you will  not be able to buy a home cash out, or have the cash in full. You will typically need a loan. But where do you start?

You may have heard ads on the radio, t.v. and other places telling you of great rates, fees and options and while these are all well and good, it definitely pays to shop around.

During the time you are looking for a loan, don't make any large financial purchases or decisions. This should be the only thing on your financial agenda until you actually move. If you have a good handle on your finances then you can start to shop around for the best options.

There are typically three places you can obtain a home loan
Bank or Credit Union - Mortgage Broker - Private Lender or Owner Financing

Each of these has pros and cons and it's wise to research them all for the best choice.

A bank may be your best option as they typically have lower fees and closing costs involved. Large, national banks can be less intimate then a home town bank but can also have educated professionals to help. Credit unions are usually the lowest in fees but may have stricter requirements for income and credit history as they have more to risk.

Mortgage Brokers are a good way to go if your credit is not so great and you need a good program for your sitatuion. Mortgage brokers typically have access to hundreds of loan options and banks and can find the best rate for  you. This interest can save you thousands over time but their initial fee may be more expensive. It costs to have someone do all the work for you but may actually be worth it in the end having to pay less over time.

A private lender or a possible owner finance option is typically for those with poor credit but plan on being responsible and paying the mortgage from here on out. The rates are usually higher because of the added risk the owner is taking but the terms may be more lienant.

Each option is subject to changes and it pays to find out which one works for you.

For more information on this or any tips and finance programs for your Santa Fe real estate please contact us right away. We would love to help get you started with references and resources to assist you in your Santa Fe Home.

Other Helpful Resources:
 Better Homes and Gardens real estate is your source for all Las Vegas homes for sale including Summerlin NV homes for sale, Henderson NV foreclosures and Las Vegas short sales. With access to all the current listings in Henderson NV homes for sale, BHG Desert Properties can help any buyer find their dream home. We offer agents specializing in Las Vegas foreclosures and all Summerlin NV short sales.

RE/Max Seaside Properties offers our buyers and sellers all listings in Whidbey Island real estate and has brokerage services for those looking to buy or sell on Whidbey Island. Check back often for all updates on Whidbey Island homes and properties.

Century 21 Premiere is your local source for all Durango homes and real estate. We offer buyers and sellers information on Durango real estate and all Durango homes for sale.