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I'm looking to buy my first home around summer or so. What and WHO, ie mortgage lenders....do I loo

I'm looking to buy my first home around summer or so.  WHO, (ie mortgage lenders)....do I look out for?  I feel like I'm a little bunny surrounded by Wolves. 
Any good books?  Web pages?

  • March 16 2009 - Huntington Beach
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Answers (16)

do your homework and find out about the market then find out about a good realtor and or a good loan officer.
  • September 13 2009
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  • July 13 2009
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Research, research, research!  Like any industry, there's many great people to work with some OK ones and few bad apples. 

If you feel like you're surrounded by wolves, you probably are.  Take your time.  Have the people you work with educated you, rather than try to force something down your throat.

When you work with the right people, you'll find yourself having a pleasant buying experience.
  • July 13 2009
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Check out some of the blogs about real estate and READ READ READ!Start looking for charts that give pricing and sales information for the city you want to buy in.
  • July 13 2009
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I really like John T. Reed's books.

No BS, no get rich quick.
  • June 21 2009
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I am flagging all of your posts, since you are violating zillow policy.
  • June 21 2009
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Have you found a real estate agent?  If not I can find you a great agent that will help you with your lending situation.  What city/state are you looking in?

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  • June 21 2009
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Good Books: "Real Estate Debt can Make You Rich" by Steve Dexter

Those books belong on the "Ash heap of History"... anyone who used these books has or will be foreclosed on. Not what I call..make you rich.

Read this first....

http://en.wikipedia.org/wiki/Real_estate_bubble

Then buy a book with basics to educate yourself.
"Home buying for dummies" .. it is intended to educate you on 
how to buy a home and NOT a get rich scheme. 

DQnews.com is great for data...also read up on the past historical prices in the archives section... remember 1997 prices plus inflation (35%) is a safe entry point.

Keep your eye on the chart and the inflation line.. over the long run.. prices only go up at rate of inflation.  That is a fact!  

http://www.housingbubblebust.com/OFHEO/Major/SoCal.html



 



 

 

 
  • June 19 2009
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I myself have done lending since 1986, but since 2006 esclusively represent sellers and buyers. It took me a while to find a great lender and I can now say with confidence you will be happy with your loan and how your transaction is handled if you call Jon Shrum at 714 614- 3707.
I was at Wells Fargo when I first started doing business with him and I followed him to Bank Of America Home Loans. He is knowlegeable, has a great support team and is accurate in providing you a good faith estmiate. No surprises when you get ready to close.
I always recommend going with a referral from your realtor who works closely with a lender who they know can deliver or from a friend or relative who has first hand experience with them. 
Good Books: "Real Estate Debt can Make You Rich" by Steve Dexter
You can get it through amazon in fact you can go to the bottom of my home page of my website http://www.lillianshouses.com/ and click on a link to buy a used or new copy. I actually use it as a text book to teach my agents and recommend it all the time to my buyers and sellers.
If your curious what the market is doing in the city you want to buy go to www.dqnews.com  on the left hand side their is a link for OC CHARTS, click on it, you will then see all of OC's numbers and a list of all the cities alphabetically. Next to each city per zip code you will have the median price, the percentage change (up or down) compared to 12 months ago, the number of sales and the percentage change as compared to 12 months ago. This is a great resource! I hope this helps and feel free to call, text or email me. I would love to help you buy your first home...
Oh by the way remember you must purchase your home by Dec 1st of 2009 in order to receive up to an 8,000 tax credit per the federal goverment.
Lastly, Try not to notice the EXiT Signs wherever you go, at EXiT Realty we help you EXiT out of where you are at and Into the home of your dreams!
  • June 19 2009
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Muddslide, I hope you are working with an agent and keeping an eye on the market. There are signs that things are changing and I don't want you to miss an opportunity. I know in some of the cities in south Orange County prices have stopped going down, so don't wait long.
  • April 29 2009
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I would only work with a lender and realtor you feel comfortable with. Try asking family or friends if they know anyone or interview a few different realtors and lenders before you decide on one. Ask lots of questions and if they seem impatient or dont take the time to talk with you dont bother with them. Remember customer service is what these agents and lenders should be providing which includes explaining and bending over backwords for you.
Also you can look and make sure they don't have any complaints or maybe ask them for a few references or past clients you can talk with before deciding on them. I always provide my clients with references to show the type of service I provide.
Just make sure you read everything as far as contracts and disclosures once you're working with someone. Ask many, many questions of anything you dont understand its their job to explain everything to you.
Good luck with your search and if you have any questions please let me know, I'd be glad to help.
Take care!
  • April 10 2009
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Just one more thing, when you are interviewing agents make sure they are listening to you and your wants plus needs. The house that you buy has to fit your down payment, your monthly finances and be a home you want. Good luck with your search.
  • March 16 2009
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Muddslide

Since you are in California, you can always access the Department of Real Estate website.  Upon reviewing the license information which you can look up by company name, individual, or license number, it will tell you whether they have any sanctions from the DRE.

Visit them at http://www.dre.ca.gov/

Since I have been in banking, mortgage banking, and now a broker, I would suggest finding a reputable broker to handle your needs.  Banks and mortgage bankers will only offer you their loan programs; whereas, a broker can shop for the best terms of all the sources available-just not one lender.

Talk to three brokers, and go with whom you feel the most comfortable with in your dealing with them.

Best of Luck,

Wayne
  • March 16 2009
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The best place to start is with the friends you trust. Who did they have good experiences with when they needed realtor/mortgage services?

Next, interview the professionals. Who adheres to the Realtor code of ethics which includes not disparaging other professionals for one reason or another? Who can you establish a rapport with? Who will provide you with the best suite of services.

Third, check their licenses. You can do that at the California department of real estate (DRE) website.

And keep studying the process.


  • March 16 2009
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When you look for a good mortgage lender and a ethical Realtor you need to do your homework there are alot of agents and lenders who are honest you just have to look for them make sure that you get different estimates for mortgage brokers and interview different local agents that know that area you are planning in buying I hope this links can help you out.
http://www.realtor.com/findreal
http://www.hud.gov/buying/comq.cfm
  • March 16 2009
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Profile picture for BobPhillipsRE
Hi Muddslide,  There are numerous lenders and Realtors who aren't "Wolves in Sheep's Clothing".  I would look for a good one, of each.
( some purport to be able to fill both functions - I would be wary of such claims, as both are different, full time jobs.)

Look for each to have at least 15 years of experience, so you'll know they have been successful for a while, through good markets and bad.  The Realtor you select should have some good experience near to the area you're considering.

If you might be looking South of Irvine, I would be pleased to talk to you - I have 32+ years of solid local experience in South Orange County. There are links on my website ( in my profile) that could help you conduct a search - with no obligation - throughout Orange County.

I also have an excellent lender friend who has 30+ years of local experience, as well.

Good luck in finding good, qualified sources.
  • March 16 2009
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