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Question
What does it mean to prequalify? And what is the best way to borrow money from a bank? One of the realtors said that it is important prior to finding a home. Also she said that if you go to a loan officer downstairs, it is more expensive than if you go upstairs. What does all that mean? And what exactly is a home equity loan and how does it work and should we get one to buy a home? Our first home is paid off. Is it a good way to go for a loan? Some people say yes and some say no. Please give me an explanation of all of this terminology. I don't want to make a mistake when I get a loan. Also, how do you shop around for the best interest rate?
ESTHER--
The answers to your questions here would constitute the equivalent of a Student Study Guide for a Homebuyer's Education Course! And although I could write such a Booklet, I don't have the time or energy--but I can refer you to an excellent FREE, ON-LINE COURSE that can answer all your questions about those topics you have listed above.
The MORTGAGE BANKERS ASSOCIATION, the Nation's leading Professional Organization for Real Estate Financiers has such a Course. I've been exposed to numerous similar Courses, and this one is "the Best" I've seen.
Go to: www.mortgagebankers.org
This will take you to the MBA's Home Page. In the lower right hand corner, under CONSUMERS
You'll find & should "click" on:
FREE HOMEBUYER EDUCATION COURSE
Take the Course at your own time/convenience & "Voila!" You'll have the answers to your questions, and then some!
GOOD LUCK, Esther!
--JIM
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Jim Root
Expertise
How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!
Experience
Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!
Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).
Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.
Education/Credentials
Associate Degree in Real Estate Studies plus:
Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years.
Bachelors Degree in Mass Communications,
Masters Degree in Education/Teaching
Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.
Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!
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