There comes a time in most young adults lives where the next step in life is to become a homeowner. I am at that point. My mom isn’t around to guide me, but luckily there are people in my life that are willing to lead me down the best path. I’ve always strived to be self sufficient, because sometimes we aren’t lucky enough to have people catch us if we fall. That being the case, you always have to be a few steps ahead of yourself in financial planning.
Meeting with a mortgage broker when you don’t know anything could be a scary feat. I was very nervous at first, but luckily for me, Rick Amos eased my anxiety and walked me through everything. He answered all my questions and actually made me very proud of how fiscally responsible I am. In order to take this big step in adulthood, I personally think that you need to be emotionally and financially ready. It took a while but I am emotionally ready. Lucky for homebuyers now, the market has reached an all time low and seems to be hanging out here for the moment.
I learned so much from my first meeting with Rick. For example, I learned that the best way to go for me, is with a 30 year fixed rate. People get enticed by the adjustable rate mortgage (arm) because of how much cheaper they pay per year initially. Depending on the terms you only pay that rate for the first 3 or 5 years, then each year, every year after that, the rate INCREASES. Bet you wished someone would have told you that right? That could have also been the cause for the downfall of our economy and all the foreclosures, but the narcissism epidemic could also have contributed to that, but that’s a whole other topic.
I’m not here to write about how to buy your first home I am just here to share my excitement and praise Rick. I really want to do this on my own, and be able to maintain and run everything myself. Rick is there to guide me and make sure that I can get my dream kitchen for the amount that I am willing to pay. I learned that credit history, salary and downpayment are the main factors in determining your loan rate. There are plenty of programs for first time buyers in case you want to buy without a downpayment…but I don’t recommend trying to buy anything without a little money to back yourself up. Well I don’t have the confidence to do that anyways. I know plenty of people that are doing it and are doing well.
I guess the moral of the story is, find a broker you can trust, referrals are best, and one that is willing to work 24/7 and that is willing to be very accommodating and answer all your questions. ESPECIALLY if you have no idea what you are doing. It can be very hard to find your footing in getting through this, especially when there are lots of people in your ear, telling you what you should do. Just make sure you are comfortable with all the decisions YOU make, because in the end YOU are the one paying for this, not the people telling you what to do 😀
If you are in the Washington DC Metro Area and need a mortgage broker, Rick Amos is DEFINITELY the best in my opinion.