Only time I ever bought a house. I went to Lendingtree.com
they hooked us up with a mortgage broker. The mortgage broker told us with our FICO we could get 5.5%. I said great put it in writing. He told me if we locked in a rate now we would be stuck with it. He will try to get us a better deal. I told him. I want to stay with you but you don't mind if I look at other mortgage brokers do you? He got pissed off. Well I went to a bank and had them underwriting at the same time just in case the mortgage broker fell through or tried to fuck us. I kept in contact with him and asked him if he got a mortgage, he said he was working on it. 2 days before we were supposed to firm everything up with the owner and his bank the mortgage broker told me He secured a 13.5% arm.
I told him I would rather walk then buy the house at that rate. He told me I could refinance in 6 months no problem. I said No. Then he told me I owed him money for the appraisal and the inspection. I told him have the appraiser and inspector send me the bill and I will pay him.
Made another call and got had the bank underwrite the mortgage for 5.25%.
Mortgage brokers and some banks make more money getting you into higher interest loans than they do by getting you the lowest rate. They get their cut and don't care if you get fucked.
Buying a house especially your first one is a very emotional purchase. And if it wasn't for the internet I wouldn't of educated myself on every scam they were trying to pull on me.
Watch The big short. There is a scene in there were 2 mortgage brokers are describing how they get people into bad mortgages easily
But again, its all in writing. There is not one single surprise in this game, only bad decisions.
I've watched the big short. It shows how people who dont understand contracts sign their lives away because they want that house so damn bad, and then get fucked. It wasn't interesting, it was just obvious.
First vehicle I bought few decades ago I walked out of 4 or 5 used car lots because they thought they could swindle a 16 year old with a grand in his pocket. They thought wrong.
I'll admit, there is alot of emotion going on inside, but you can't show it or let it allow you to make stupid decisions, like buying shit with ARMS that are unrealistic, or payments you can't make. This is why many, if not most home owners are "house poor." How much can I afford? Oh okay, lets find a house that costs that much and finance it all including the damn furniture, derp derp derp.
Get a lawyer to help you understand, read up on sound finance practices, or get fucked, pretty simple.
