I was recently in my eye doctor’s office listening to two of the assistants talking about buying a home using the AmeriDream program. Of course being a mortgage broker for all these years my ears perked up to hear what they had to say. For the most part the conversation was about the one assistant who was using the program getting ready to sign her loan documents to get her new home. Boy was she excited. So after their conversation ended I made my way of to the one who was buying her home and I asked a few questions. Below are the list of my questions and a summary of her answers.
Yes, I’m so thankful for my loan officer suggesting this program to me as I don’t think I would be buying a home right now because I don’t have a lot of money in the bank. I can’t wait to sign my paperwork.
No I hadn’t heard of the AmeriDream program before. Like I said, my loan officer at the bank told me about it. I had heard of First Time Home Buyer programs before, but I honestly didn’t know much about them. My real estate agent explained them to me a little more and thought I should talk to a loan officer that she works with about what programs would be best for me.
- When are you supposed to close your loan and get your keys?
I’m supposed to close by the end of next week. I’m hoping so. I know that this program runs out at the end of the month and if I don’t make it I don’t know what I’ll do. As far as I know, everything is on track for me to get my loan documents next week. I’m keeping my fingers crossed.
- Do mind me asking what price you are paying for your home?
No not at all. I’m paying $117,000 for it and it was originally listed as a model at $240,000 back in 2006 before the market started to come down. I know I am getting a good deal and it is just the perfect home for me. I hope I get it. I hope you get it too. It sounds like you have a gotten a great deal and you are using a great program to get it. Good luck to you.
Then she asked me a question.
- What can you tell me about refinancing? What is it?
I had to stop and gather my thoughts at this point as there was many things going through my mind. Here was a new first time home owner who had no idea what refinancing meant. I have been in the mortgage business since 1996 and in all this time it never hit me that there were people out there who do not know what refinancing meant. I was even more dumbfounded by the fact that this person who was buying a new home hadn’t a clue about it.
As we began to discuss refinancing and what it was she asked me another question that floored me again. This question was: “It seems like refinancing is bad, with all the news about mortgages companies, is it really a bad idea to refinance?” We kept talking for a little while longer and I believe I set her straight about what refinancing is all about, why people refinance, and that refinancing is not bad at all.
She seemed satisfied with what she heard from me. I handed her a card and told her that she should hop on GetPreQualified.com to investigate any financing question either for buying a home or refinancing. She took my card, thanked me, and told me that she’d go snoop around the site to see what she could learn.
Get more information on refinancing your home and what is refinancing.
(New site)