When you make the decision to purchase a home, there are generally three types of financing you can opt to use to pay for the home: Cash, owner-carry, or obtaining a loan from a mortgage broker, lender, or loan officer. Chances are that you are least likely to pay cash, finding an owner to finance the purchase limits your choices in which home you would like to buy, which leaves the most popular choice: a mortgage loan. There is one very important thing to remember when looking for a lender or mortgage company - they are in the "sales" business. This is not to say that there aren't honest mortgage professionals in the industry - because there are many truly honest mortgage professionals. But because your purchase means part of your purchase price will include the paychecks of several individuals.

There are many loan officers and brokers that would like you to believe that they are not in a sales related industry, but that would be far from the truth. The reality is that all mortgage brokers, lenders, and loan officers have products that they offer, and if they are a successful sales person, their customers will "buy" their products. I have been involved in the mortgage industry for a long time, however, I believe that consumers have the right to make an informed decision about their purchases. I found a very commonly worded advertisement on Craigslist.org this evening, and thought that I would share something that I found interesting (and common) in the ad."Credit score is a big factor as a qualifying tool, but it's not the only one. There is a lot more to it than that and I would be happy to go over with and show you your options. You may qualify for more than you think. So give me a call for a complete NO cost evaluation even if you simply have questions." The first thought when I read the ad is that there are people out there that have bad credit, which could indicate that a buyer is not financially stable, and they are offering to find the most money available for a buyer's purchase. Okay, so in other words, more debt on an already financially strapped individual.first time buyer who does not know what they can or cannot afford, it may mean they are more likely to end up with a low introductory rate that leads to a future rate hike - and a mortgage payment that they can't afford to maintain.