Friday, September 15, 2006

Home Loans shouldn't hold surprises

Having just been through the whole debacle of buying and selling a house within the last couple of years, I know first-hand what a hassle it can be. The money issues endlessly confuse me. I had no idea how they chose an interest rate for you, and I was certainly clueless on what an ARM was.

A Web site like provides borrowers with great tools when they make the decision to buy a home. The site explains the financial aspects of mortgages in detail so you won’t be in the dark when securing a home loan.

So many people are in the dark when they get a mortgage, and trust the first thing a mortgage broker tells them. I had a friend who bought a house using an interest only loan, and had to declare bankruptcy when his loan was due and he couldn’t pay it off.

Don’t let this happen to you. Do your homework! provides a Knowledge Base and FAQ to help answer every question a potential borrower could have. But it is up to you to do your own research before you get a mortgage. Find out if you need a fixed rate mortgage or an adjustable rate mortgage. Research how much you can actually afford, and what your payments will be with the interest rates available to you.

A mortgage calculator is a great tool to estimate your monthly payments and figure out exactly what you can afford. I suggest taking advantage of this instrument, so there are no surprises when your first house payment comes due.

Through you can find a home loan with a competitive interest rate that will fit your budget. For testimonials on the effectiveness of, check out their broker blogs, in which brokers and customers alike share their experiences.


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