The real estate market has been hot for many years. The real estate market stayed hot even though the economy has been on a virtual roller coaster. This has resulted in a large number of mortgage lenders entering the market with varying mortgage programs for people with different economic backgrounds and credit histories.
Home loans are now available for people with pristine credit, good credit, average credit, below average credit and even bad credit. There are loan packages available for people with large down payments, small down payments and no down payments at all.
For many first time homebuyers, choosing the right lender and the right home loan package may seem like a daunting task. There are so many competing lenders promising so many different things. They see advertisements for amazing interest rates and packages. Of course, those packages are only available for a small percentage of homebuyers who fit very specific criteria.
Many first time homebuyers fall into the trap of applying for home loans through various lenders offering different loan packages. While on one level this may seem like a good idea since it, at least in theory, opens up the...