Avoid the Pitfalls of Homebuying

Avoid the Pitfalls of Homebuying

Getting a home mortgage can be an arduous task. Al Mansell, president of the National Association of Realtors, says you can avoid the pitfalls by doing your homework before applying for a loan.

ANCHOR LEAD: The home buying season is in full swing, but before you jump in to the market, there are a few things you should know about applying for a loan. Jon McNally has more. (:60)

SCRIPT: Lifestyles, I’m Jon McNally. Getting a home mortgage can be an arduous task. Al Mansell, president of the National Association of Realtors, says you can avoid the pitfalls by doing your homework before applying for a loan.

CUT: (Mansell) One of the things we’ve been very concerned with is the fact that so many folks have taken advantage of the low interest rates and then have added to that the low down payment and then added to that the interest only. And by doing so, we feel like they’re putting themselves at some risk in the out years because they’re not locking down those interest rates.

SCRIPT: How can we find the best loan?

CUT: (Mansell) One of the things you need to do is sit down and really look at the options. Most realtors have that information – certainly loan officers have that information and you can look at that and see what you think is a loan you can afford today, and then look at what your projected income’s going to be to see whether or not some of those loans make sense to you.

SCRIPT: For more information, go to realtor.com. That’s Lifestyles from the National Association of Realtors. I’m Jon McNally.

——————————————————————————–

Produced for The National Association of Realtors