I am thinking about purchasing a home instead of renting. The cost saving and benefit of doing so seem to outweigh the thought of long term renting. My problem is that I am fully overwhelmed with all of the options and different types of loans/mortgages. Just spending the last week searching and trying to learn the options available to me has my head spinning. Is there somewhere that I can go that can give me an honest evaluation of my options that I have open to me specifically where they are not affiliated with any bank / lender / government organization?
I just want an easy to follow list of my options and someone that I can bounce questions off of. Specifically, is there a type of business / service that is offered that I can pay for to help me with this? I know that I can go to a bank or lender but I feel that I would be offered their products over another or even over a state run program.
I just feel a little overwhelmed at this point and need to be able to work with someone in person to help guide me. The amount of time that I would spend myself researching all my options in detail seems wasted to me if I get it all wrong.
Specifically I live in Barnstable County in Massachusetts in case that helps get me some specific information.
It looks like there is not really a good resource for getting help detailing mortgages (loans even) for the layperson. While the basics of mortgages and loans are easy to follow, when it comes to trying to fit myself into a preconfigured mold is not so straight forward.
The options are overwhelming; from one bank to the next the rates and requirements differ, THEN we have the state that offers a few different first time home buyer programs all at different rates and requirements. I mean how an I supposed to know if taking a state offered mortgage at a higher interest rate but with different requirements for insurance and down payments and no payment protection is worth it in the long run or do I take the standard mortgage from a local bank or an electronic bank or a credit union. Or do I take out a personal loan to make the 20% down payment to avoid PMI or does that cost me more in the long run or do I..... or do I .... or do I.....
So this is where I am at.... too many questions that will just take me way too long to sort out the pros and cons of each... I am more than willing to pay a professional to take my financial details and deliver a report of my options specific to me and the area. Someone who knows about the loans available so I do not miss out on anything. I am not looking to become a mortgage expert and it would be time wasted and possibly wrong.
Maybe I am on to a new business idea; a loan / mortgage adviser. It seems like this type of thing does not exist, at least in my area.
I would call this question partially answered. I had already considered a financial adviser but they typically only deal with people who either have a lot to invest or have no understanding of the mortgage market.
Basically I am just going to go with what others in my office have done in the past. There is a state offered program that seems like, at face value, is worth it. There were a few answers here that suggested that I find out what I can afford before I pursue this but the entire question revolved around finding someone who could tell me what I can and can not afford. Building a simple list of monthly expenses is quite simple but what is left in your income is not exactly what you can afford. There are just too many variables to really know beyond a shadow of a doubt what is the best option.
I by no means would mark any specific response as the answer personally but the combination of all the information presented has turned me in one direction that has helped.