For most people, a home mortgage loan is the largest debt they will take on in their lifetime. Committing to a mortgage and buying a home can be very scary for a number of reasons. Below are the most common fears and concerns when starting the home loan process.

Fear #1: Lenders are intimidating
Some people feel uncomfortable sharing with a “stranger” how much money they have in savings, their income, and all the bills they are paying. It’s no secret that everyone has debt. Most lenders work on a commission basis, so they are happy to help you in the best way possible. If you still feel uncomfortable, just switch lenders.

Fear #2: Hidden fees
This was a big concern for so many that the government actually stepped in and fees are now regulated with the Good Faith Estimate (GFE). This estimate includes an itemized list of fees and costs and must be supplied within three business days of applying for the loan.

Fear #3: Credit report
Pulling your credit report multiple times will not reduce your credit score as some people believe. Multiple credit report inquiries is perfectly normal when you are shopping around for the best rate and terms for a home loan. Credit agencies understand this and it will not affect your over all FICO credit score.  

I hope dispelling this fears will put you on the right track for home loans. If you have any questions, or not sure where to start, you can visit our home mortgage section, or contact us anytime.