Home Buyers Spend More Time Shopping for a Car than a Home Loan
May 11, 2010
A survey by Zillow last week discovered that home buyers spend more time researching a car purchase than they do researching their home loan.
Which astounds me.
A home loan is usually the biggest debt a person carries. That sucker can last 30 years. There are severe consequences if you don’t meet your obligations or if you agree to a home loan that you really can’t afford. When you commit to such a large obligation, you really need to understand what you’re signing up for.
Sit down in front of your loan officer and ask a billion questions. Ask as many questions as you need to ask in order to understand your loan options, and the pros and cons of each choice you make regarding your financing. And if your loan officer won’t do that, find another one. When it comes to financing your home purchase, the responsibility is yours to understand what you’re getting yourself into.
And I know – car shopping is a whole lot more fun than home loan shopping, and typically less confusing. But the obligation of a home loan is too great to enter into one lightly. Make yourself comfortable with the money part of the home buying experience, and the rest will go so much easier.
(psst – I know excellent lenders. If you need a recommendation, email me.)
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