Keep Away From a Mortgage Nightmare

$200,000 housing loan for $425.00! Offers of a 'low mortgage payment' are in the ads that you notice day and night. You need to decide whether the claims are true or not, as the old proverb goes - If it sounds to good to be true, it probably is.

I speak with many clients, who are considering purchasing a home, through my job as a housing counselor for Family Life Credit Services. They often ask me about the restive mortgage products. I tell them to watch themselves! When dreaming of owning a house, people tend to get 'taken' easily.

Get empowered; that is the first step! Gain knowledge buy getting a good homebuyer education. Avoid education workshops held at banks or lending institutions as they often have their own best interests in mind. NeighborWorks, a national non-profit organization is a good place to find classes locally.

Think about the many different types of mortgages, and understand the differences, when in the process of deciding if this is the right time to purchase a home. Make sure that your mortgage broker clarifies the advantages and disadvantages of each type of loan.

In my estimation, the best choice for a mortgage is still the traditional 30 year fixed rate mortgage. There are no surprises with this type of mortgage, and in continuing to pay your mortgage on time each month, someday you will be a homeowner. I strongly believe this is the best tool to build assets.

It is essential that you step back and empower yourself when your are faced daily with ads telling you to refinance or "buy now before it's too late". All individuals and families that have completed our workshop will say that they learned something.

Please get in touch with your local homebuyer educator if you are interested in buying a house, be it your first or your fifth. You will be glad you did.

In order to avoid your own mortgage chaos Joe Larson recommends using one of the certified Christian financial counseling experts at Family Life Credit Services, a national Christian credit counseling agency. FLCS is concerned with each individual customer and offers faith-based Christian credit counseling and educational materials to fit your area of need.

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This entry was posted on Thursday, August 7th, 2008 at 11:26 am and is filed under Mortgage Rate Refinance . You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.