Should you pay off your mortgage early? If you’ve come through the recent economic crisis in a position to be able to make additional payments on your home loan Middletown, this may sound like an attractive option. It’s a safe, conservative financial strategy that many find appealing after being put through the financial wringer the past few years.
But it still may not be the smart thing to do. True, the practice of making double payments or otherwise paying a extra on one’s mortgage each month was long considered a hallmark of sound financial planning. But that was a different era and today, what made sense in the past may no longer be your best course of action.
The reason for paying down your mortgage early, of course, is to save money. Making bigger payments now reduces the interest you’ll have to pay over the life of the loan, perhaps by tens of thousands of dollars. It also moves up the date you’ll own the home free and clear, and eliminating the monthly mortgage payment from your budget completely.
Mortgage tax benefits reduce effective savings
But how much are you actually saving? If you purchased or refinanced your home in the past few years, probably not much. Because mortgage interest is tax-deductable, it reduces the effective interest rate you’re paying by about one-quarter. So if you’re paying 6 percent interest, your effective rate is likely around 4.5 percent, perhaps lower.
What this means is that any additional money paid toward your mortgage is effectively earning you a return of 4.5 percent – money saved is money earned, literally. If you’re in a higher tax bracket, the figure could be even lower.
The fact is, there are any number of fairly conservative investment approaches where you can earn a better than 4.5 percent return. Although the stock market took a big hit in 2008, the historic rate of return since the 1950s has averaged nearly 11 percent a year, including the recent downturn. Including bonds or investing in funds that include stocks and bonds can help even out the sharp peaks. If you’re looking at an investment period of 20 years or more, investing will nearly always provide a better return.
This wasn’t necessarily the case 20 or 30 years ago, when mortgage rates Middletown were running around 10 percent or even higher. Back then, paying down your mortgage as quickly as possible made much more sense.
Retirement saving, other needs may be more important
One of the other downsides of paying off your mortgage early is that it may distract you from other financial needs, such as saving for retirement. Paying off your mortgage early won’t do you much good if you don’t have a solid income to help you enjoy your home in your golden years – and most people don’t save nearly enough.
An IRA or Roth IRA also offer tax advantages that effectively increase their earning power, just the opposite of what happens with the tax deductions on your mortgage interest, which effectively reduce the return you get on paying off your mortgage early.
Also, you shouldn’t look to accelerate your mortgage payoff Middletown at the cost of personal savings. Most people don’t have nearly enough of an emergency fund held in reserve and you can’t count on being able to tap home equity if you need to in an emergency – such as if you lose your job, which will make your lender suddenly reluctant to extend you credit.
It’s a good idea to have a savings reserve equal to six months’ expenses, or at least three months, to tide you through emergencies. The fund doesn’t even have to be in a savings account, you can have most of it tied up in mutual funds or other equities, provided that you can quickly convert them to cash if need be.
Showing posts with label first time home-buyers New York. Show all posts
Showing posts with label first time home-buyers New York. Show all posts
Wednesday, April 14, 2010
Interest-Only Loans Soon to be Extinct
If you’re looking to purchase a home or refinance a mortgage Middletown, your options are getting a bit slimmer.
Interest-only loans, already a rarity after the collapse of the subprime mortgage market, are just about to dry up completely. They won’t totally disappear, but getting one will go from difficult to extremely hard.
Freddie, Fannnie backing out
What’s happening is that Freddie Mac and Fannie Mae, the government-supported secondary lenders who insure most of the mortgages made in the United States, have said they will no longer purchase interest-only loans after Fall 2010. Given the time it takes these developments to work through the system, you can expect that lenders are already starting to shut the pipeline down.
That’s too bad, because interest-only loans Middletown can be an effective financial tool for qualified borrowers who use them correctly. The problem was that, during the housing bubble, they were issued to many borrowers who could never afford them unless housing prices continued to increase. When the economy and housing market soured, many of loans defaulted and continue to do so.
Those losses are why Fannie and Freddie are getting out of the interest-only loan business. Many private lenders have already done so as well.
Advantages of an interest-only loan
At first glance, an interest-only loan may sound like a dumb idea. You take out a mortgage pay only the interest for the first few years, typically five or 10. At that point, the loan resets to a fully amortizing loan, meaning you have to pay off the entire principal, plus the interest, over the remaining 20 to 25 years of the loan. Naturally, that’s going to make your payments go through the roof.
But it can work quite well for some borrowers, particularly in a normal market where prices are stable or gradually appreciate. In particular, it can be a good choice for someone who doesn’t plan to stay in a home more than five or 10 years, and has no desire to ever own the home free and clear.
In that event, an interest-only loan Middletown can allow you to stay in the home for next to nothing – because mortgage interest is tax-deductable. Sophisticated investors sometimes use interest-only mortgages to allow them to invest their money elsewhere, rather than using part of it to pay down mortgage principal on a home they never plan to own outright.
Interest-only loans, already a rarity after the collapse of the subprime mortgage market, are just about to dry up completely. They won’t totally disappear, but getting one will go from difficult to extremely hard.
Freddie, Fannnie backing out
What’s happening is that Freddie Mac and Fannie Mae, the government-supported secondary lenders who insure most of the mortgages made in the United States, have said they will no longer purchase interest-only loans after Fall 2010. Given the time it takes these developments to work through the system, you can expect that lenders are already starting to shut the pipeline down.
That’s too bad, because interest-only loans Middletown can be an effective financial tool for qualified borrowers who use them correctly. The problem was that, during the housing bubble, they were issued to many borrowers who could never afford them unless housing prices continued to increase. When the economy and housing market soured, many of loans defaulted and continue to do so.
Those losses are why Fannie and Freddie are getting out of the interest-only loan business. Many private lenders have already done so as well.
Advantages of an interest-only loan
At first glance, an interest-only loan may sound like a dumb idea. You take out a mortgage pay only the interest for the first few years, typically five or 10. At that point, the loan resets to a fully amortizing loan, meaning you have to pay off the entire principal, plus the interest, over the remaining 20 to 25 years of the loan. Naturally, that’s going to make your payments go through the roof.
But it can work quite well for some borrowers, particularly in a normal market where prices are stable or gradually appreciate. In particular, it can be a good choice for someone who doesn’t plan to stay in a home more than five or 10 years, and has no desire to ever own the home free and clear.
In that event, an interest-only loan Middletown can allow you to stay in the home for next to nothing – because mortgage interest is tax-deductable. Sophisticated investors sometimes use interest-only mortgages to allow them to invest their money elsewhere, rather than using part of it to pay down mortgage principal on a home they never plan to own outright.
Mortgage Brokers vs Mortgage Lenders
One of the most confusing parts of the mortgage process Middletown can be figuring out all the different kinds of lenders that deal in home loans and refinancing. There are direct lenders, retail lenders, mortgage brokers, portfolio lenders, correspondent lenders, wholesale lenders and others.
Many borrowers simply head right into the process and look for what appear to be reasonable terms without worrying about what kind of lender they’re dealing with. But if you want to be sure of getting the best deal, or are looking for a jumbo loan or have other special circumstances to address, understanding the different types of lenders involved can be a big help.
Explanations of some of the main types are provided below. These are not necessarily mutually exclusive - there is a fair amount of overlap among the various categories. For example, most portfolio lenders tend to be direct lenders as well. And many lenders are involved in more than one type of lending – such as a large bank that has both wholesale and retail lending operations.
Mortgage Lenders vs. Mortgage Brokers
A good place to start is with the difference between mortgage lenders and mortgage brokers.
Mortgage lenders Middletown are exactly that, the lenders that actually make the loan and provide the money used to buy a home or refinance an existing mortgage. They have certain criteria you have to meet in terms of creditworthiness and financial resources in order to qualify for a loan, and set their mortgage interest rates and other loan terms accordingly.
Mortgage brokers Middletown, on the other hand, don’t actually make loans. What they do is work with multiple lenders to find the one that will offer you the best rate and terms. When you take out the loan, you’re borrowing from the lender, not the broker, who simply acts as an agent.
Often, these are wholesale lenders (see below) who discount the rates they offer through brokers compared to what you’d get if you approached them directly as a retail customer. However, the broker then tacks on his or her own fee, which may equal the discount – where the customer usually saves money is by getting the best deal relative to other lenders.
Many borrowers simply head right into the process and look for what appear to be reasonable terms without worrying about what kind of lender they’re dealing with. But if you want to be sure of getting the best deal, or are looking for a jumbo loan or have other special circumstances to address, understanding the different types of lenders involved can be a big help.
Explanations of some of the main types are provided below. These are not necessarily mutually exclusive - there is a fair amount of overlap among the various categories. For example, most portfolio lenders tend to be direct lenders as well. And many lenders are involved in more than one type of lending – such as a large bank that has both wholesale and retail lending operations.
Mortgage Lenders vs. Mortgage Brokers
A good place to start is with the difference between mortgage lenders and mortgage brokers.
Mortgage lenders Middletown are exactly that, the lenders that actually make the loan and provide the money used to buy a home or refinance an existing mortgage. They have certain criteria you have to meet in terms of creditworthiness and financial resources in order to qualify for a loan, and set their mortgage interest rates and other loan terms accordingly.
Mortgage brokers Middletown, on the other hand, don’t actually make loans. What they do is work with multiple lenders to find the one that will offer you the best rate and terms. When you take out the loan, you’re borrowing from the lender, not the broker, who simply acts as an agent.
Often, these are wholesale lenders (see below) who discount the rates they offer through brokers compared to what you’d get if you approached them directly as a retail customer. However, the broker then tacks on his or her own fee, which may equal the discount – where the customer usually saves money is by getting the best deal relative to other lenders.
Wednesday, February 10, 2010
ARMs Still Have Some Merits
Looking to get the best possible interest rate on a home mortgage or mortgage refinance? You might consider an adjustable rate mortgage (ARM). Although ARMs are somewhat out of favor these days, for many borrowers they can still be a sensible, and even the best, choice for their particular circumstances.
ARMs acquired a bad reputation in the collapse of the subprime mortgage market, when they were a major share of the mortgages that defaulted and led to the crisis. As a result, many borrowers now regard them as risky, exotic-type loans full of potential pitfalls to snag the unwary.
The truth is, ARMs are a fairly standard and well-established type of mortgage loan. Unfortunately, many lenders used them as a way to offer credit to marginally qualified borrowers, often coupled with “exotic” variations like interest-only payments, resulting in loans that could not be sustained unless housing prices continued to rise. When prices fell, the loans began to default.
But for well-qualified borrowers with a realistic view of their finances, an adjustable rate mortgage can be a sound decision. Initial rates on ARMs often run about half a percentage point less than comparable 30-year fixed-rate loans – a savings of roughly $75 a month on a $250,000 loan – so the savings can be significant.
You’re not likely to qualify for an ARM or any other mortgage these days if you’re a bad credit risk, and exotic wrinkles such as interest-only or negative amortization payments have all but disappeared. Instead, if you get an adjustable rate mortgage these days it’s likely to be a standard ARM that starts out at a fixed interest rate for a number of years (often 3, 5 or 7 years), then periodically resets to a different rate based on predetermined index, such as Treasury securities or the Cost of Funds Index (COFI).
A sensible choice for some borrowers
For certain groups of borrowers, a standard-type ARM can actually be a better option than a “plain vanilla” fixed-rate mortgage. For example, suppose you only plan to remain in the home for 5-7 years. A 7-year ARM (which is fixed at the initial rate for seven years before resetting) locks you into a lower interest rate for at least seven years, and you can sell the house and pay off the rest before it ever resets.
Another candidate for an ARM is a new home buyer who’s just beginning to establish their credit or suffered a credit setback recently. Such a buyer will have to pay a higher interest rate than a borrower with pristine credit; getting an ARM allows them to minimize their rate for several years while building or rebuilding their credit. Then, when they’re built up their credit, they can refinance at the low rates that are available to prime borrowers.
ARMs are also a good strategy during times when market interest rates are running relatively high and the borrower expects they will fall back down in a few years, when the loan can be refinanced at a lower rate. However, given that rates are relatively low currently, that is not likely to be a strategy one would pursue at this time.
Take the long view
The key thing when taking out an ARM, either for a home purchase or refinance, is to be confident you’ll be able to refinance the loan a few years down the road when it’s time for the rate to reset. Because rates can gradually drift much higher once the initial fixed-rate period is over, you don’t want to stay in the same loan for 30 years or however long the full term is. You want to be confident that both your income and housing prices will remain relatively stable, so that you’ll have equity in the home and be able to qualify for a new loan when the time comes.
ARMs acquired a bad reputation in the collapse of the subprime mortgage market, when they were a major share of the mortgages that defaulted and led to the crisis. As a result, many borrowers now regard them as risky, exotic-type loans full of potential pitfalls to snag the unwary.
The truth is, ARMs are a fairly standard and well-established type of mortgage loan. Unfortunately, many lenders used them as a way to offer credit to marginally qualified borrowers, often coupled with “exotic” variations like interest-only payments, resulting in loans that could not be sustained unless housing prices continued to rise. When prices fell, the loans began to default.
But for well-qualified borrowers with a realistic view of their finances, an adjustable rate mortgage can be a sound decision. Initial rates on ARMs often run about half a percentage point less than comparable 30-year fixed-rate loans – a savings of roughly $75 a month on a $250,000 loan – so the savings can be significant.
You’re not likely to qualify for an ARM or any other mortgage these days if you’re a bad credit risk, and exotic wrinkles such as interest-only or negative amortization payments have all but disappeared. Instead, if you get an adjustable rate mortgage these days it’s likely to be a standard ARM that starts out at a fixed interest rate for a number of years (often 3, 5 or 7 years), then periodically resets to a different rate based on predetermined index, such as Treasury securities or the Cost of Funds Index (COFI).
A sensible choice for some borrowers
For certain groups of borrowers, a standard-type ARM can actually be a better option than a “plain vanilla” fixed-rate mortgage. For example, suppose you only plan to remain in the home for 5-7 years. A 7-year ARM (which is fixed at the initial rate for seven years before resetting) locks you into a lower interest rate for at least seven years, and you can sell the house and pay off the rest before it ever resets.
Another candidate for an ARM is a new home buyer who’s just beginning to establish their credit or suffered a credit setback recently. Such a buyer will have to pay a higher interest rate than a borrower with pristine credit; getting an ARM allows them to minimize their rate for several years while building or rebuilding their credit. Then, when they’re built up their credit, they can refinance at the low rates that are available to prime borrowers.
ARMs are also a good strategy during times when market interest rates are running relatively high and the borrower expects they will fall back down in a few years, when the loan can be refinanced at a lower rate. However, given that rates are relatively low currently, that is not likely to be a strategy one would pursue at this time.
Take the long view
The key thing when taking out an ARM, either for a home purchase or refinance, is to be confident you’ll be able to refinance the loan a few years down the road when it’s time for the rate to reset. Because rates can gradually drift much higher once the initial fixed-rate period is over, you don’t want to stay in the same loan for 30 years or however long the full term is. You want to be confident that both your income and housing prices will remain relatively stable, so that you’ll have equity in the home and be able to qualify for a new loan when the time comes.
Window of Opportunity Closing Soon for Home Buyers
Is time running out to get a great deal on a home? To listen to some accounts, you would think so.
One the one hand, it’s true that several things will happen this April that will add to the cost of buying a home. First, the income tax credits for first-time and repeat homebuyers will expire; the Federal Reserve will cease its purchases of mortgage-backed securities, which have kept interest rates down; and the FHA will increase the insurance premium it charges on mortgages it insures.
At the same time, several other factors still urge caution. It’s never a good idea to rush into a home purchase, regardless of the financial incentives. Also, there are indications that housing prices in many areas may continue to weaken through 2010, potentially cancelling out the effects mentioned above. Finally, persons with less-than-perfect credit or limited finances may actually be better off waiting a year or two, rather than try to jam a purchase through right now and pay a premium to do so.
The $8,000 first-time homebuyer and $6,500 repeat homebuyer tax credits can only be taken on homes for which sales contracts are signed by April 30, though buyers have until June 30 to actually close the sale. Congress already extended and expanded the credit after it was originally due to expire last November; there doesn’t seem to be much support for extending it again, so if you miss the April 30 deadline, you’re probably out a luck on this one.
A potentially bigger impact will occur on when the Fed buys the last of $1.25 trillion in mortgage securities it has been purchasing over the past year. Also scheduled to conclude on April 30, the program has been credited for driving mortgage interest rates to record lows in the spring and again in the fall of 2009, and keeping them at or below 5 percent for most of the year.
Though 30-year fixed rates held steady around 5 percent through Jan. 2010, most observers expect them to rise sharply once the Fed purchase program concludes. Many observers expect rates to almost immediately shoot up to 6 percent and hold there, an increase of a full percent. On a $250,000 30-year loan, that 1 percent translates to an additional $150 a month, or $1,800 a year.
Finally, in early April the FHA is increasing the mortgage insurance premium it charges on all loans by half a percent, from 1.75 percent to 2.25 percent. A onetime fee charged upfront at the time of closing, it means that the premium on a $150,000 FHA loan would increase by $750, to $3,375. However, this only applies only to borrowers seeking an FHA-backed loan, although those are making up a larger share of the market.
Reasons to wait
Clearly, if you’re in a position to buy now, go ahead and do so. But that doesn’t mean you’re out of luck if you miss the April deadlines. As mentioned above, even though housing prices appear to be bottoming out nationally, many areas still remain soft. With another glut of foreclosures due to come on the market, some areas could see prices decline another 5-10 percent in 2010, which would help make up for missing out on the current low rates and tax credits.
It also might make sense to wait if you don’t have a great credit score or if you can’t come up with 20 percent down payment. Many lenders these days want to see a credit score of at least 720 to approve a mortgage. Lower scores can still be approved, but will pay a premium to do so. The combination of a low credit score and small down payment could end up adding 1-1 ½ percent onto your interest rate. Also, if you can’t come up with at least a 20 percent down payment, you’ll need to pay for private mortgage insurance, the cost of which is roughly equal to another half a percent in interest. So even if average rates go up, you might be better off waiting a year or two to improve your credit and save up a down payment, so that you can qualify for a prime rate.
Finally, a home is a huge investment – for most people, the biggest they’ll ever make. It’s not something you want to rush into unprepared, regardless of the financial incentives. If you can’t find the home you want in a neighborhood you like, or if buying a home right now is going to put you under a heavy financial strain, you might be better waiting. Saving a few thousand dollars isn’t worth it if you end up in a home that isn’t right for you.
One the one hand, it’s true that several things will happen this April that will add to the cost of buying a home. First, the income tax credits for first-time and repeat homebuyers will expire; the Federal Reserve will cease its purchases of mortgage-backed securities, which have kept interest rates down; and the FHA will increase the insurance premium it charges on mortgages it insures.
At the same time, several other factors still urge caution. It’s never a good idea to rush into a home purchase, regardless of the financial incentives. Also, there are indications that housing prices in many areas may continue to weaken through 2010, potentially cancelling out the effects mentioned above. Finally, persons with less-than-perfect credit or limited finances may actually be better off waiting a year or two, rather than try to jam a purchase through right now and pay a premium to do so.
The $8,000 first-time homebuyer and $6,500 repeat homebuyer tax credits can only be taken on homes for which sales contracts are signed by April 30, though buyers have until June 30 to actually close the sale. Congress already extended and expanded the credit after it was originally due to expire last November; there doesn’t seem to be much support for extending it again, so if you miss the April 30 deadline, you’re probably out a luck on this one.
A potentially bigger impact will occur on when the Fed buys the last of $1.25 trillion in mortgage securities it has been purchasing over the past year. Also scheduled to conclude on April 30, the program has been credited for driving mortgage interest rates to record lows in the spring and again in the fall of 2009, and keeping them at or below 5 percent for most of the year.
Though 30-year fixed rates held steady around 5 percent through Jan. 2010, most observers expect them to rise sharply once the Fed purchase program concludes. Many observers expect rates to almost immediately shoot up to 6 percent and hold there, an increase of a full percent. On a $250,000 30-year loan, that 1 percent translates to an additional $150 a month, or $1,800 a year.
Finally, in early April the FHA is increasing the mortgage insurance premium it charges on all loans by half a percent, from 1.75 percent to 2.25 percent. A onetime fee charged upfront at the time of closing, it means that the premium on a $150,000 FHA loan would increase by $750, to $3,375. However, this only applies only to borrowers seeking an FHA-backed loan, although those are making up a larger share of the market.
Reasons to wait
Clearly, if you’re in a position to buy now, go ahead and do so. But that doesn’t mean you’re out of luck if you miss the April deadlines. As mentioned above, even though housing prices appear to be bottoming out nationally, many areas still remain soft. With another glut of foreclosures due to come on the market, some areas could see prices decline another 5-10 percent in 2010, which would help make up for missing out on the current low rates and tax credits.
It also might make sense to wait if you don’t have a great credit score or if you can’t come up with 20 percent down payment. Many lenders these days want to see a credit score of at least 720 to approve a mortgage. Lower scores can still be approved, but will pay a premium to do so. The combination of a low credit score and small down payment could end up adding 1-1 ½ percent onto your interest rate. Also, if you can’t come up with at least a 20 percent down payment, you’ll need to pay for private mortgage insurance, the cost of which is roughly equal to another half a percent in interest. So even if average rates go up, you might be better off waiting a year or two to improve your credit and save up a down payment, so that you can qualify for a prime rate.
Finally, a home is a huge investment – for most people, the biggest they’ll ever make. It’s not something you want to rush into unprepared, regardless of the financial incentives. If you can’t find the home you want in a neighborhood you like, or if buying a home right now is going to put you under a heavy financial strain, you might be better waiting. Saving a few thousand dollars isn’t worth it if you end up in a home that isn’t right for you.
Sunday, January 17, 2010
What Not to Do for First-Time Homebuyers
The hardest part of home buying is saying "no." The job of realtors and loan officers is to get you to say "yes," and they tend to be very good at it. The pressure only intensifies when you fall in love with a house. But saying "yes" too hastily can lead to some big mistakes, such as overlooking these five mortgage no-nos.
When you apply for a loan, the first thing a lender looks at is your credit report. A poor credit score may cause your application to be denied, or the loan's interest rate to be increased. Beat your lender to the punch-check your credit report before applying. If you find errors, they can be removed and your score will increase. If your score is low because of bad credit, you may want to delay your application. After six months to a year of making payments on time, your score will likely improve.
Lenders and government agencies offer numerous programs for first-time homebuyers. They're designed to help a wide range of borrowers, including people with poor credit or little savings. Research the various programs. Call lenders, check with local government housing offices, and scour the Internet. You'll be amazed at how many programs you'll find.
First-time homebuyers are often approved for more of a mortgage than they can afford. Before you accept a super-sized loan, figure out a realistic monthly payment. Factor in everything from retirement savings to grocery bills. A little budgeting now will prevent trouble down the road.
First-time homebuyers tend to be naïve. They choose the first lender who approves their loan application, afraid that they won't be accepted elsewhere. The truth is that many lenders will bend over backwards for your loan. Instead of cowering before a loan officer, do some comparison shopping and find yourself the best rate in town.
Unscrupulous lenders may fail to disclose fees during the application process. Instead, they wait until the closing, and inform the borrower that, in order to drop the fees, the loan will need to be rewritten. Avoid the problem by scrutinizing your Good Faith Estimate, which includes all the fees and costs, before signing a loan application.
It's not easy being a first-time homebuyer. There's much to learn, and when you find the house you really want, you feel pressured to make quick decisions. Just remember that a hasty "yes" means a mortgage no-no could be overlooked. It's an error no homebuyer-rookie or otherwise-can afford to make.
When you apply for a loan, the first thing a lender looks at is your credit report. A poor credit score may cause your application to be denied, or the loan's interest rate to be increased. Beat your lender to the punch-check your credit report before applying. If you find errors, they can be removed and your score will increase. If your score is low because of bad credit, you may want to delay your application. After six months to a year of making payments on time, your score will likely improve.
Lenders and government agencies offer numerous programs for first-time homebuyers. They're designed to help a wide range of borrowers, including people with poor credit or little savings. Research the various programs. Call lenders, check with local government housing offices, and scour the Internet. You'll be amazed at how many programs you'll find.
First-time homebuyers are often approved for more of a mortgage than they can afford. Before you accept a super-sized loan, figure out a realistic monthly payment. Factor in everything from retirement savings to grocery bills. A little budgeting now will prevent trouble down the road.
First-time homebuyers tend to be naïve. They choose the first lender who approves their loan application, afraid that they won't be accepted elsewhere. The truth is that many lenders will bend over backwards for your loan. Instead of cowering before a loan officer, do some comparison shopping and find yourself the best rate in town.
Unscrupulous lenders may fail to disclose fees during the application process. Instead, they wait until the closing, and inform the borrower that, in order to drop the fees, the loan will need to be rewritten. Avoid the problem by scrutinizing your Good Faith Estimate, which includes all the fees and costs, before signing a loan application.
It's not easy being a first-time homebuyer. There's much to learn, and when you find the house you really want, you feel pressured to make quick decisions. Just remember that a hasty "yes" means a mortgage no-no could be overlooked. It's an error no homebuyer-rookie or otherwise-can afford to make.
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