5 Tips for Shopping for a Mortgage…A Little Late
By: JON PRIOR
July 31, 2009 9:55 AM CST
In order to help consumers make wise home buying decisions and save the housing market from collapse, the Federal Reserve Board released its “5 Tips for Shopping for a Mortgage.”
On Wednesday.
It’s kind of like installing the fire extinguisher when your house is a smoldering pile of rubble. And, yes, the pun is intended. So without further ado, the Five Tips for Shopping for a Mortgage We All Should Have Paid Attention To A Few Years Ago.
One: Know what you can afford. What? You mean I can’t afford a $500,000 town home on a waiter’s salary?
Two: Shop Around – Compare Loans from Lenders and Brokers. The tip reads, “Neither lenders nor brokers have to find the best loan for you.”
Three: Understand Loan Prices and Fees. Or, you can just sign your name. No one can make out all the fine print anyway.
Four: Know the Risks and Benefits of Loan Options. You mean I’m going to have to pay HOW much?
Five: Get Advice from Trusted Sources. Like your friendly, neighborhood Federal Reserve.
Next week: 5 Tips on How to Run a Car Company.
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August 3rd, 2009 10:28 am by Brian
Jon, I couldn’t agree more with your comments (and I like the humor)! Maybe they will come out with “dollars for dumps” to go along with “cash for clunkers” so these people can get out of their dream home and into the real world!
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