Even if you have a bad credit rating, you may be pleasantly surprised to know that there is a whole sector catering specifically for you. There are brokers who specialise in clients with adverse credit, and can help you find a mortgage deal. You will probably find that you will have to pay more interest than you would on other mortgages – if you have a poor credit history you represent more of a risk to the lender. Ironically, this is the reason why the ‘bad credit’ sector is flourishing – there are a lot of people who wouldn’t fit the stringent criteria applied to most traditional mortgages, and there’s good money to be made in commissions and on higher interest rates. Tread Carefully Unfortunately, there are many disreputable lenders out there trying to capitalise on the unwary borrower. Some will charge you just to make an application – and you are likely to find the deals on offer less than wonderful. A good way to find a reliable lender is by word of mouth – or check mortgagesorter. co. uk for suggestions. yourmortgage. co. uk also offer information on credit impaired mortgages, along with some providers who will consider lenders who’ve been turned down in the past. Recently, some of the mainstream banks and building societies have taken a closer look at the bad credit market, and realised they could be missing out on custom. There are subsequently around a dozen lenders that offer ‘sub-prime’, ‘credit impaired’ or ‘complex prime’ mortages. Yet another term is ‘non-conforming’. Complex prime deals are tailored more for unusual cases that do not fit the normal requirements for a mortgage – some businessmen or pensioners who receive an income from shares or pensions for example, would be turned down by a mainstream lender and may have to look for a complex prime deal. You should still be able to find a choice of the usual deals, such as fixed rate, capped, or discounted mortgages. Your credit rating can be classed as light, medium or heavily adverse – depending on the type of problem and the amounts owed. Debts that affect this include defaulting on loan payments, mortgage arrears, bankruptcy and CCjs. The good news is that after around three years of sticking with a sub prime mortgage deal, your credit rating is likely to have improved. You could then remortgage in the mainstream market, finding a lower rate.
If you are a loan officer or mortgage broker interested in purchasing sub prime mortgage leads, purchasing them by way of the internet may not be a bad place to start. But before you do that, find a mortgage lead provider that can deliver exactly what you are looking for, and that is sub prime leads. A good place to start in your search for sub prime mortgage leads would be with a lead provider that allows you to receive sub prime leads only. Either through cherry picking or a filtration process. Avoid the lead companies that send you leads in bulk because not all of these leads will be sub prime, and you wouldn’t want to be wasting your hard earned money. If your niche is sub prime, give serious consideration to the lead companies that allow you to set up filters specific to the type of sub prime lead you are looking for. For instance, you would be able to set up your filter specific to state, loan amount, ltv, etc. But most importantly, you can set up your filter to send you the leads with a poor to fair credit rating. This is not a bad way to go if your specialty happens to be foreclosures as well. Remember, before you go investing with a mortgage lead company, research them through their web site and customer service department. If you are not satisfied with what you see and hear, than most likely you won’t be happy with the leads.
Sub prime mortgage lenders process applications online everyday. Processing information over the internet speeds up the process and saves costs on offices and personal. In some cases, you can get a reduction in fees or rates by completing your application online. To get approved on your mortgage, follow these tips. Sub Prime Mortgage Factors Sub prime mortgage lenders each have their own criteria for assigning loan scores to lenders. The higher the score you get, the better the rate you qualify for. Credit history is important, but so are cash assets, your income, and down payments. On average sub prime lenders like to have a down payment of 20% or more. However, they offer a variety of loan terms. You can even get a zero down mortgage, but expect to pay a couple of points higher. Picking a fixed or adjustable rate will also determine how much you qualify to borrow. In general ARMs have lower monthly payments, so you can borrow more. Sub prime lenders also handle interest only loans and balloon payments. Online Loan Application Forms Online loan application forms are straight forward. Over a secure connection you provide your personal information, usually name, address, and social security number. If you have a property in mind to purchase, you will also need to include the property’s address and selling price. If you requested a loan quote, you may not even have to fill out any additional personal information. Much of your financial information can be found in databases. The financing company will complete your application and ask for your approval before closing. Finishing Final Paperwork Mortgages usually take about four weeks to process. The sub prime lender has to verify the property’s value and your credit. An escrow company will also help you handle the exchange of money, primarily the closing costs and points. As with a regular loan, your paperwork will require your approval and signature. Instead of going to a home office though, you will need a notary. Most companies schedule a notary to come to you at your convenience. After paperwork is received, funds should be processed in three days.
Subprime hybrid mortgages offer temporarily low rates for borrowers while they work to rebuild their credit. With a sub-prime hybrid mortgage, you don’t have to pay PMI, saving hundreds a year. After two or three years of on time payments, you can then refinance for conventional mortgage rates. Hybrid Mortgage Basics Since so many people refinance their home loans after they have reestablished their credit, lenders created a mortgage to offer maximum flexibility for borrowers. Hybrid mortgages are typically 1.5% lower than a conventional loan for the first two or three years, depending on your mortgage terms. After that, the rated becomes adjustable, rising and falling based on indexes. Lenders usually require a prepayment fee if the mortgage is paid off before two or three years. Since most borrowers use this period to establish good credit, the fee isn’t a problem for most. You may also be able to waive the fee by paying a point upon the loan’s settlement. A hybrid mortgage also allows you to borrow more than with a fixed rate mortgage since your monthly payments are lower. You may also decide to increase your down payment to lower your rate or increase the amount you qualify to borrow. Hybrid Mortgage Lenders Hybrid mortgages are offered by conventional and sub-prime lenders. Rates, fees, and terms will vary with each lender. In order to find the best financing package, you should request quotes from several lenders before making a decision. Typically online financing companies waive or reduce fees, so they are well worth checking out. You can also request quotes from traditional companies through their websites. Online mortgage brokers also make comparison shopping easy by offering several side by side quotes. Refinancing Options After you have had your hybrid for at least two years, you should begin shopping to refinance your mortgage. If you are planning to move within seven years, an adjustable rate mortgage may offer you the lowest rate. If you plan to stay put, a fixed rate mortgage can guarantee you a low rate over the course of your loan. As with a sub-prime loan, compare lenders and finance packages to find the best deal.
Subprime lenders finance high risk groups to enable them to buy a home. While you need to be aware of predatory lending practice, by researching lenders you can find a mortgage loan at a reasonable rate. Bad Credit Factors Before you sign up with a subprime lender, be sure that you truly have bad credit. There are five factors that determine your credit score: payment history, credit history, amount owed, types of credit, and new credit. Each of these factors are weighted differently, so a series of late payments on one account may be offset by low debt, no new credit inquires, and other factors. A FICO score less than 570 will require you to use a subprime lender. However, you may be able to still use a traditional mortgage lender by providing a large down payment, qualifying you for lower interest rates. Subprime Financing Versus Predatory Lenders Subprime lenders offer genuine financing so you can purchase your home and repay your loan. Predatory lenders seek to strip your home equity, charge excessive interest rate, and foreclose on your home. Predatory lenders will often list their site on public forums in an effort to lure unsuspecting victims. They will also make claims that they are the only ones who will lend to you or that they can fix all your credit problems. Also, beware of lenders that insist you work with a particular contractor or real estate agent. Finding A Good Subprime Lender To find a good subprime lender, use an online mortgage broker who will give you quotes from several different lenderspare rates and fees to see which are the most reasonable. Also ask lenders if they are approved by HUD. With poor credit, you may qualify for government mortgage insurance. You should also determine what you can afford to pay monthly and not feel pressured to borrow more than that. If you are concerned about monthly payments, look at an adjustable rate mortgage (ARM), which offers low interest rates initially. An ARM is also easier to qualify for. However, a fixed rate mortgage offers long term predictability on how much your monthly payments will be.
Subprime mortgage lenders specialize in offering financing to people with poor credit or riskier loans. Conventional lenders focus on low-risk loans and borrowers. While you will find better rates with conventional lenders, suprime companies offer more flexibility in requirements and loan terms. Easier To Qualify For Subprime mortgages are easier to qualify for than traditional loans. Since these lenders are willing to accept a higher level of risk, they offer a variety of packages. For example, someone with bad credit can still find a zero-down 30 year mortgage. You may also opt for a lower rate with an ARM or fixed-rate home loan. For jumbo or unconventional loans, you may have to work with a subprime lender. Since these types of loans are harder to sell to the secondary market, some conventional lenders won’t handle them. Higher Rates For the increased level of risk, subprime lenders charge a higher rate, usually a couple points more than a conventional loan. You may also find more fees or points, especially if you want to waive early payment fees. Conventional lenders offer the best rates and reasonable fees. However, there is a wide range in rates and fees between lenders. No matter what type of financing you choose, request quotes from dozens of lenders. This protects you from scams and unscrupulous companies, while ensuring you get the best package. Finding a low rate is one of the easiest and biggest ways of saving yourself money. No Worries Over PMI Subprime lenders don’t require private mortgage insurance (PMI), unlike traditional lenders. PMI can add over a hundred dollars on your monthly payment. It is required for conventional loans when the down payment is less than 20%. You can get around this requirement with conventional lenders by taking out two mortgages from separate companies. Another option is to put 20% down on your conventional loan, but take out a home equity loan after the deal closes to access your cash. Just to make things more confusing, more and more conventional lenders are entering the subprime market. If you do need subprime financing, still request quotes from traditional lenders since you may still qualify.
Sub-prime loans are becoming more readily available through traditional lenders. Even with a bankruptcy or foreclose in your credit history, you can still find financing for the purchase of your home. The key to sub-prime mortgages is to do your research and compare both terms and rates. Your Credit History A poor credit history doesn’t have to send you running to sub-prime lenders. For one, you may still qualify for an A loan, reserved for people with good credit. If your bankruptcy was four or more years ago and you have established a good payment history since then, your FICO score is probably over 600, the requirement for an A loan. Through FHA loan programs, you can apply for a loan after two years of a bankruptcy or foreclosure. VA loans also look more leniently on past credit problems. In the end, don’t assume that because you have an adverse credit history you have to apply for the higher interest sub-prime loans. Sub-prime Mortgages If you find that you do have bad credit, you can still work with a traditional lender, who may offer you better interest rates. As financing companies expand their financing options, more and more companies are adding services for B, C, and D loans. Sub-prime mortgages are based partly on your credit history, but largely on your mortgage or rent payment history. You will want to provide proof of your rent payments by sending copies of your rent receipts or checks. Mortgage payments can be verified through your credit report. Sub-prime mortgages are just short term financing options. Once you have improved your credit history, you can refinance your mortgage for better rates. Sub-prime Lenders When you start your search for a sub-prime lender, include all lenders in your investigation. Request quotes from traditional lenders as well as those who specialize in poor credit financingpare everyone’s financing packages to find the best rates and terms. Ideally, you want to find a low APR with no prepayment fees. Unless you plan to keep your mortgage for seven or more years, it is probably not worth paying points for lower rates. You may also find that an ARM will provide lower rates with more buying power than a fixed rate mortgage.
Imagine landing your dream home. Your credit is a bit shaky, but you manage to get a subprime loan with an adjustable rate mortgage. A few years later the interest rates jump and you can no longer afford to pay. You see an ad for a business that’s willing to help—it’ll pay your mortgage for a modest monthly fee while you get back on your feet. But here’s the heartbreak: it’s a scam. The con artists just take your money and run… It’s just one of the latest schemes and frauds being seen these days across the financial services industry. These scams—which include plenty of shenanigans with mortgages and subprime loans—are costing the nation tens of billions of dollars a year. Millions of homeowners are caught up in this subprime mess. The Federal Reserve has gotten involved in an attempt to bail out the mortgage loan companies. Criminal charges may be filed against these companies for falsifying records, loaning money to under-qualified home buyers, and not reporting the truth to investors. These are all good reasons why the US government is squarely focused on cracking down on the largest of these financial crimes, launching proactive initiatives and shifting resources as trends emerge, all the while working hand-in-hand with a host of government and private sector partners. Currently, investigators are actively pursuing mortgage companies and investment irregularities. The government is investigating 14 corporations involved in subprime lending as part of our Subprime Mortgage Industry Fraud Initiative launched last year. The companies come from across the financial services industry, from mortgage lenders to investment banks that bundle loans into securities sold to investors. They’re also looking at insider trading by some executives. Traditional mortgage fraud: In one state alone, more than 1,200 cases open today (up about 40 percent from last year), mostly involving fraud for profit, where groups of straw buyers, realtors, etc. rig schemes to buy properties that are flipped or allowed to go into foreclosure. Hotspots include California, Texas, Arizona, Florida, Ohio, Michigan, and Utah. Suspicious activity reports that we review for potential mortgage fraud have grown from 3,000 in fiscal year 2003 to 48,000 in fiscal year 2007. This year, they’re on pace to receive more than 60,000 such reports. A recent case: In November, the owners of a long-time Minnesota homebuilder called Parish Marketing—along with a bank officer, a closing agent, and others—pled guilty to a $100 million mortgage scheme involving some 200 homes. If you are a victim of the subprime mortgage madness, contact your bank and see if there are any programs in place to alleviate the pain.
Subprime mortgage brokers offer a variety of mortgage loan packages from different lending companies. They can find financing for almost anyone, regardless of their credit score. Even though brokers offer a valuable service, you still need to ask questions to be sure you are getting the best deal. 1. What Is Your Fee? Before you begin working with a subprime mortgage broker, ask how they are getting paid. Sometimes they charge you an upfront fee, other times they are paid by the mortgage company. Upfront fees don’t guarantee you the best deal, but they do reduce the broker’s reliance on mortgage companies’ fees. Instead of looking at who offers them the best payoff, they are looking at your interest. Fees paid by the mortgage company can still mean you find a good deal. Most brokers are able to negotiate lower rates for you, so you still come out ahead. Using this type of broker also allows you to work with a couple of brokers, making sure you find the best deal. 2. What Are The Loans Fees? Even when brokers present you with rate quotes, take the time to look at fees and points. The APR should include both the rates and fees. It is required to be disclosed before signing a contract so you can make a real comparison. Sometimes the lowest rate loan has the highest closing fees and isn’t the best deal. The rates presented to you are somewhat flexible. You can reduce them by paying more points or increasing your down payment. Points only make sense if you plan on keep the loan for a number of years. 3. Are There Early Payment Fees Or Other Clauses? Also check for early payment or other fees. Subprime mortgages are often refinanced when your credit score improves. Check to see if you can pay a point to waive the early payment fee if you plan to refinance. Some subprime lenders will automatically refinance your loan for better rates after two years. This can save you thousands on later refinancing costs. Just like any loan offer, check the rates with other packages.
Perhaps you have seen a television commercial or billboard advertising super low mortgage interest rates. If you have good credit, you are likely a good candidate for such loan programs. On the other hand, if your credit score is low, obtaining a prime loan rate is not very feasible. In this case, a subprime loan is the best option. Subprime vs. Prime Mortgage Loans Individuals familiar with home loans are likely aware of two loan programs. Those with a good credit rating will generally qualify for prime loan rates. Moreover, homebuyers who have cash for a down payment and closing costs will also qualify for prime rates. If your home buying situation is slightly different, you may qualify for a subprime loan. What Are Subprime Mortgage Loans? Subprime mortgage loans are primarily offered to individuals with low credit scores. These persons do not qualify for traditional financing. Mortgage companies and other financial lending institutions have exact lending requirements. If an applicant does not fit their criteria, the loan application is denied. While getting approved for a mortgage loan with bad credit is a major feature of subprime loans, there is one main drawback to subprime loans. Because large portions of the loans are granted to individuals with poor credit, the odds of these loans defaulting are high. Because of this, most subprime loans have a higher interest rate. Of course, rates depend on credit. Applicants with fair credit may get approved for comparable rates, whereas those with extremely low credit scores can expect rates with a two or three point increase. How to Choose a Subprime Mortgage Loan Lender? Some lenders specialize in subprime loans. Furthermore, many traditional mortgage companies have begun offering subprime loans. The fastest and easiest way to locate a reputable subprime lender is through a mortgage broker. Everyone's situation varies. Some bad credit applicants have funds for a down payment and closing, whereas some prime applicants do not have extra money to cover these costs. A mortgage broker is able to find the best loan program for your situation. To begin, applicants will need to submit a quote request. You must include information such as income, credit rating, home price, etc. Based on your profile information, lenders will compete for your business and submit detail quotes. Thus, you are able to review mortgage rates and terms before choosing a loan package.
Subprime mortgages offer more flexibility with down payments than conventional home loans. You can choose to put nothing or over 20% down. And with a subprime mortgage, you don’t have to worry about paying private mortgage insurance. Zero-Down Mortgages Zero-down mortgages allow people with little money for initial costs to buy a home. Even with a zero-down mortgage you can expect to pay loan fees and points, which can still add up to a couple of thousands. However, there are financing plans that wrap loan costs into the mortgage. The basic zero-down mortgage consists of one loan or two. If your lender decides to split your mortgage, you may need to find another lender to carry the second mortgage. Zero-down mortgages come at a cost of higher interest rates. They also have larger monthly payments since the mortgage is for a larger amount. Large Down Payments A large down payment adds equity to your property quickly. You also have lower monthly payments by having a smaller mortgage. In some cases, a large down payment can qualify you for a loan, in spite of a poor credit record. If you have the cash for a large down payment, you may also want to look at purchase points up front. You can lower your interest rate, saving you thousands if you keep the loan for several years. You can also waive prepayment fees, usually by paying a point. Subprime Lenders Subprime lenders offer a variety of financing solutions. If you are unsure how much you want to borrow, start by requesting quotes from lenders for different financing options. This way you can compare numbers and look for a lender who offers the best rates and terms. You can use the internet to gather this information quickly. You can get quotes through websites or email. However, don’t give a lender permission to submit a financing bid until you are ready to apply. Every time a financial company checks your credit history, your credit score takes a hit. Even if you don’t follow through with the loan, it still affects you. Fortunately, most lenders are willing to provide quotes to allow you to make the best financial decision.
Undoubtedly, you’ve heard the radio commercial claiming you can get a mortgage despite having bad credit. Bad credit mortgages are better known as subprime mortgages. Subprime “Subprime” is a euphemism for a borrower who simply doesn’t qualify for a traditional home mortgage. Subprime loans used to be very difficult to get, but things changed in the 1990’s. Banks began to realize there were a lot of borrowers with less than stellar credit or other problems. More borrowers meant more revenues, so banks started creating subprime mortgages and the game was on. As a result of these new loans, home ownership in the United States has risen to all time highs. One of the biggest determinants in qualifying for a loan is your credit score. A borrower’s credit history is analyzed using a “FICO” score, named after Fair Isaac and Company, Inc. Generally, a FICO score below 620 is considered an indication of bad credit. The borrower is then classified as a subprime borrower. Importantly, a FICO score below 620 is not the only reason a person may be classified as subprime. An infrequent borrowing history, new employment position or expensive home may also key the designation. In fact, nearly 50 percent of subprime borrowers have FICO scores above 620. When a lender writes a mortgage, it is betting on whether the borrower will repay the loan completely and in a timely manner. The better your credit score, employment history and so, the better deal you will get from the lender. Obviously, subprime borrowers aren’t going to get the best deal. Instead, a lender may require a larger down payment and will certainly designate a higher interest rate than given to “good” borrowers. In addition, subprime borrowers may have to pay points just to get the loan. The trade off of all of this, of course, is that you get a loan to buy a home. Home ownership has consistently proved to be one of the best long-term investments in the United States. While Americans are criticized for failing to save money, they are effectively doing so by purchasing homes and building equity in them. Should you apply for a subprime loan if you have less than stellar credit or other problems? There is no right answer, so you should consider sitting down with an independent mortgage broker to analyze your situation.
Sub-prime mortgages offer financing for those with poor credit to finance the purchase of a home. Today’s sub-prime mortgages offer low down payment options with no private mortgage insurance (PMI). As a result, more people are finding it easier to buy a home. Sub-prime Mortgage Options Sub-prime mortgages come in as many flavors as conventional loans. Just like with a conventional loan, low down payments or zero down will increase your interest rate. However, you have no PMI premiums to pay. Another option is to buy points to lower your interest rate as well, but this only makes sense if you plan to keep your mortgage for seven or more years. A better plan is to improve your credit score, and then refinance in two to three years for a conventional loan. Sub-prime Lenders More and more financing companies are offering sub-prime mortgages. Even Freddie Mac and Fannie Mae offer sub-prime programs. So to find the best rates and terms, you should request quotes from both conventional and poor credit lenders. When you are comparing lenders, look at the APR for a quick check. The APR includes both interest rates, points, and fees. However, you will also want to look at terms, making sure there are no fees for refinancing or early payment. To quickly gather this information, make use of the internet. Most lenders offer quotes online. You can also request quotes from a mortgage broker, who will provide you with several quotes at once. When you find a lender with a competitive bid, you can request more information or apply online for speedy approval. Sub-prime Benefits Subprime mortgages provide you the chance to purchase a home while improving your credit history. Instead of throwing your money away on rent, you are building up equity in your home that you can tap into latter. You can also deduct your interest from your taxes. Regular mortgage payments will also improve your credit history. So not only will your rates improve with other types of credit, but you can also refinance your mortgage in a couple of years for lower interest payments.
: There are more than 19,000 mortgage companies in the U. S. and some of the largest and most reputable of them specialize in subprime mortgage refinancing. Steven Frank, Senior Vice President of Marketing at FlexPoint Funding identifies a subprime borrower as “someone with a FICO score below 620. He or she will pay between 1.5% and 2% higher interest for a mortgage, but there is no shortage of money or willing lenders in the subprime mortgage market.” What trends do you see in the subprime mortgage market for 2006 and beyond?Steve: We went through the biggest refinancing boom in history from mid 2002 through September of 2005. As many as 80% of Americans refinanced their homes during that time. Interest rates on adjustable rate loans dropped to under 4% during the boom with some homeowners opting for fixed rates as low as 5%. Now both fixed and adjustable are back around 6.5% and will probably reach 7% for an A-grade 30-year fixed mortgage and 9% for a subprime mortgage by the end of 2006. The rate of appreciation is a more normal 6% - 12% annually. A typical home in most parts of the country stays on the market about six months, which means it’s a balanced market favoring neither buyers nor sellers. What type of mortgage would you recommend for subprime borrowers?Steve: Most subprime borrowers won’t qualify for a second mortgage or a home equity line of credit. They will have to refinance their first mortgage if they want to cash out some of their equity. Depending on their personal situation, a homeowner may be able to borrow up to 95% LTV (loan to value). More likely, it will be in the 75%-85% range.
There are very few 125% LTV mortgages anymore, and subprime borrowers won’t qualify for these. Subprime borrowers should work with a company that understands their particular needs; one that sees more than their past problems and that specializes in flexible, affordable mortgage solutions. Mortgage Refinancing AdviceCheck your credit - According to the government loan agency, Freddie Mac, up to 15% of subprime borrowers have credit scores that qualify them for traditional loans. Don’t settle for subprime rates if you can get prime-rate mortgage refinancing. Watch your costs - Interest rates won’t vary much among subprime mortgages, however, there are some aspects of the loan structure that will impact the bottom line, such as: - length of the mortgage term; 10, 15 or 30 years - if it is a fixed-rate loan or an adjustable-rate loan - whether any points have to be paid ( a “point” equals one percent of the loan) - what kind of processing fees and closing costs are required Look for good customer service - A good lender will walk potential borrowers through the application process, verifying personal information and making sure all the terms of the loan are understood.
The lender will also recommend whether to lock in an interest rate during the processing phase or let the rate float until the closing. Get a free quote - Prospective borrowers looking for refinancing can take advantage of sites like Bad Credit Mortgage Refinancing Now.
So the time has come for you to purchase a home and take on home ownership. Home ownership will be perhaps the largest responsibility you ever take on in your life. But it will most likely be the most rewarding thing you ever take on in your life as well. But before you go out and buy that rake, snow shovel, and lawn mower to keep up with all of your towns ordinances, you will first need to obtain a mortgage to purchase the home. Although obtaining a mortgage takes some time and research, as well as a lot of paperwork, it doesn’t have to be all that painful. Just take your time, educate yourself as much as you can, and do your best to put yourself in contact with the right people. One of the very first things you will need to do is locate a realtor to point you in the right direction. Realtors are not hard to find, but before you go through the yellow pages, see if you can’t have one referred to you by a friend or relative who had a positive experience with their own realtor. The very first thing your realtor will ask you will be if you have been preapproved for a mortgage, I can guarantee it. So here will begin your quest for a mortgage. There are literally thousands of lenders throughout the United States, all carrying many programs for all borrowers with many different needs. Such as FHA, Va, and Interest only, just to name a few. One of the best resources for finding information on the mortgage industry, and finding a good lender is the internet. If the internet is not your first choice, you may want to try your local bank. Ask your branch manager to set up an appointment for you to sit down and talk with the bank’s mortgage representative. Remember that most banks deal with perfect credit only. So if yours is a little bit challenged, than consider trying the internet to find a loan officer or mortgage broker to assist you. All in all, taking on home ownership is a very big responsibility, it is also a one of the largest financial transactions you’ll ever make in your life, so take it slowly and seriously. If at any time you are not comfortable with the people helping you along in this process, than move on to someone else. And remember, research and education are the key’s to getting the best possible mortgage and home. Best of luck.