Lake Ray Hubbard Life: Buyers & Mortgages, Lake Ray Hubbard TX

Buyers & Mortgages, Lake Ray Hubbard TX

One of the challenges buyers are having with financing may be their own understanding or lack thereof.

In a recent survey done by research firm "Ipsos" for Zillow, a surprising number of incorrect answers to true or false questions were given by prospective buyers.

Over 3/4 didn't realize how the mortgage rate was determined for a borrower thinking that annual income was the most important factor. In addition to annual income, other considerations lenders do evaluate are Credit Score, Debt-to-Income and Loan-to-Value ratios.

A variety of myths seem to have influenced some of the common answers such as ... Interest Rates are set and released once a day; FHA Loans are for first-time Buyers only; Prequalification commits the lender; Lender Fees are not negotiable and Adjustable Rate Mortgages (ARM) always go up.

Buyers' misunderstanding of actual mortgage practices may give some insight into why more of them are not taking advantage of the greatly reduced prices and incredibly low mortgage rates.

While getting solid information about mortgages and being pre-approved from a lender are very important, it is only one step in the home buying process. Success in buying a home in today's unique market should begin with a real estate professional that will coordinate all of the different parts of the transaction including mortgage, title, insurance and inspections. If you're interested in Purchasing a home or know someone who is, I'd love to work with you/them.

Samantha Smith

Sam I Am

REALTOR - d+b Real Estate

sam@SamIamHouses.com

214-422-0729 Cell

972-852-9713 Fax

 

www.SamIAmHouses.com

www.Facebook.com/SamIAmHouses


www.lakerayhubbardlife.com 
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Comment balloon 3 commentsSamantha Smith • June 16 2011 04:41PM

Comments

Especially for first time buyers all they want to know is did I get the house and i will wirry about the payments later.

Posted by Jack Gillis, M.B.A., J.D., LL.M. Dallas, Texas 214.718.4910, Locally Known, Globally Connected, COLDWELL BANKER (Coldwell Banker Apex, Realtors) over 7 years ago

Great post! I agree with Jack as well - too many first time homebuyers have an unrealistic  view of mortgages...

Posted by Maggie McFarland, Pearland Realtor, Homes for Sale in Pearland Texas (RE/MAX Pearland - Maggie McFarland) over 7 years ago

Thanks Maggie! I agree with you both but also think it's because 1st time buyers and even experienced buyers are confused with everything going on in todays market, and it's part of our responsibility to share with them info about the Mortgages or at the very least, pair them up with a trusted Lender.

Posted by Samantha Smith, Sam I Am Houses, d+b Real Estate, Lake Ray Hubbard (214.422.0729 www.SamIAmHouses.com) over 7 years ago

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