Olde Hornet
Well-Known Member
http://www.usatoday.com/story/money...-they-never-told-you-your-home-loan/73205604/
So you're ready to buy a home. Congratulations!
There's just one problem: You don't have enough money. So now you need a home loan.
Now, there's good news here, too. On the Internet, you'll have no problem at all finding advice about home loans — also known as mortgage loans — on how much of your income to devote to buying a house, what kind of monthly payments you can afford, the tax advantages of taking out a big home loan, and so on. But ...
Thing No. 1: They're trying to sell you something
Here's a dirty little secret of the home loan industry: Most of what you read about home loans on the Internet is written by people trying to sell you a home loan. Right now, as I pen these words, the top three entries on the subject of "home loans" on Google are paid advertisements from PNC bank, from Quicken Loans, and from LendingTree — a company that according to S&P Capital IQ, did $190 million in business last year directing homebuyers to its "network of approximately 300 banks, specialty finance providers, alternative lending platforms, credit unions, loan brokers, and other lenders or intermediaries."
So you're ready to buy a home. Congratulations!
There's just one problem: You don't have enough money. So now you need a home loan.
Now, there's good news here, too. On the Internet, you'll have no problem at all finding advice about home loans — also known as mortgage loans — on how much of your income to devote to buying a house, what kind of monthly payments you can afford, the tax advantages of taking out a big home loan, and so on. But ...
Thing No. 1: They're trying to sell you something
Here's a dirty little secret of the home loan industry: Most of what you read about home loans on the Internet is written by people trying to sell you a home loan. Right now, as I pen these words, the top three entries on the subject of "home loans" on Google are paid advertisements from PNC bank, from Quicken Loans, and from LendingTree — a company that according to S&P Capital IQ, did $190 million in business last year directing homebuyers to its "network of approximately 300 banks, specialty finance providers, alternative lending platforms, credit unions, loan brokers, and other lenders or intermediaries."