Home Loan Confusion Continues

Unfortunately, most Americans still do not understand how home loans work and how to take advantage of the wide array of programs available. The way I see it, people are still confused about mortgages in general and real estate finance, in particular.

Just last week, a friend of mine told me he was buying a house. He was pre-approved for a loan, he said, and I was very happy for him. You see, he is young, just 25, and he is embarking on the American Dream of home ownership. So, I asked him about the type of mortgage he was getting. He said, "I don't know. I was just approved, and I haven't even signed any papers, yet."

He did have the house picked out, though. Although it is all too typical of a response, I found myself still surprised that my friend didn't know anything about the loan he was being pre-approved for. As another acquaintance recently pointed out, the right loan program can make hundreds of dollars of difference in your monthly payment. This person will save $6,048 this year using an adjustable rate mortgage over that pesky fixed rate that so many people desire.

For some reason, home loan confusion continues to run rampant in America. Most likely because the average American is ignorant of how mortgages work. This is not an attack on American's intelligence. It's okay to be ignorant; it is not, however, okay to remain that way, when you know you are entering a complex financial transaction.

Avoid this problem. Educate yourself. Learn all you need to know about real estate finance with the wealth-building system, Winning the Mortgage Game.

Mark Barnes is an investment real estate and real estate finance expert. Get his free mortgage finance course at http://www.winningthemortgagegame.com and also learn how to gain financial independence through proper real estate investment strategies. Mark is also the author of the new novel, The League, a shocking, sports-related conspiracy. Learn more about his suspense thriller at http://www.sportsnovels.com

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Google News Updated : Mon, 08 Sep 2008 02:08:49 GMT Populists Gain Seats in Election in Hong Kong - New York Times Radio Australia Populists Gain Seats in Election in Hong Kong New York Times - 36 minutes ago By KEITH BRADSHER HONG KONG - Chinese national pride after the Olympics and growing distress over inflation combined to produce a leftward shift in legislative elections here on Sunday. Hong Kong Democrats Retain Veto Bloc in Legislative Elections Voice of America Key wins for Hong Kong opposition BBC News AFP - Aljazeera.net - International Herald Tribune - The Associated Press all 341 news articles Publ.Date : Mon, 08 Sep 2008 01:32:36 GMT Veteran Financiers to Head Fannie, Freddie - Washington Post Times Online Veteran Financiers to Head Fannie, Freddie Washington Post - 22 minutes ago By Thomas Heath and Dina ElBoghdady The new chief executives at Fannie Mae and Freddie Mac have long histories in the financial services industry. Video: Feds Take Over Mortgage Giants AssociatedPress FDIC to help small banks with Fannie, Freddie exposure MarketWatch Reuters - New York Times - Forbes - CNNMoney.com all 5,434 news articles Publ.Date : Mon, 08 Sep 2008 01:46:18 GMT Cage's 'Bangkok' tops worst movie weekend since 2001 - USA Today E! Online Cage's 'Bangkok' tops worst movie weekend since 2001 USA Today - 9 hours ago By Scott Bowles, USA TODAY After a record $4.2 billion in movie ticket sales this summer, the industry suffered its worst weekend in seven years, with the top movie at the box office doing less than $8 million. Video: 'Bangkok Dangerous' - Not a Safe Bet AssociatedPress Fall box office off to slow start Variety New York Times - Los Angeles Times - Reuters - New York Daily News all 261 news articles Publ.Date : Sun, 07 Sep 2008 16:23:28 GMT Prime Minister Chances Early Election in Canada - New York Times Prime Minister Chances Early Election in Canada New York Times - 1 hour ago By IAN AUSTEN OTTAWA - Prime Minister Stephen Harper, putting aside the date he had set by law, formally propelled Canada into a federal election campaign on Sunday. Canadian PM calls October election Financial Times With economy slow, Canada to hold early elections Christian Science Monitor United Press International - AFP - Aljazeera.net - The Associated Press all 1,873 news articles Publ.Date : Mon, 08 Sep 2008 01:06:35 GMT Falcons head coach: ‘Matt did a very good job’ - Atlanta Journal Constitution Canada.com Falcons head coach: ‘Matt did a very good job’ Atlanta Journal Constitution - 38 minutes ago By CARROLL ROGERS Q. How did the third play - the touchdown from Matt Ryan to Michael Jenkins - develop? New Falcons head coach Mike Smith said of Matt Ryan, ‘It was a great way to see our rookie quarterback throw his first NFL pass. In-game analysis of the Lions' loss in Atlanta Detroit Free Press Lions' poor tackling about talent, not coaching MLive.com Sports Network - The Canadian Press - DetNews.com - FanHouse all 475 news articles Publ.Date : Mon, 08 Sep 2008 01:30:18 GMT Health Highlights: Sept. 6, 2008 - Washington Post TheMedGuru Health Highlights: Sept. 6, 2008 Washington Post - 9 hours ago On the heels of the huge nationwide salmonella outbreak that caused more than 1400 illnesses from Mexican peppers, a regional Oregon alfalfa sprout distributor has recalled its product in Oregon and Washington state after the sprouts were linked to 13 ... Salmonellosis outbreak prompts sprout recall Forbes Salmonella outbreak traced to alfalfa sprouts Seattle Post Intelligencer Seattle Times - eFluxMedia - TheMedGuru - HeraldNet all 81 news articles Publ.Date : Sun, 07 Sep 2008 16:31:13 GMT Patriots overcome injury to Brady, top Chiefs - Sports Network CBC.ca Patriots overcome injury to Brady, top Chiefs Sports Network - 53 minutes ago Foxboro, MA (Sports Network) - Randy Moss had six receptions for 116 yards and a touchdown as New England overcame an early injury to quarterback Tom Brady to escape Kansas City, 17-10, in the season-opener for both clubs at Gillette Stadium. Patriots QB Brady out of opener vs. Chiefs The Associated Press Cassel comes through for Patriots Boston Globe SportingNews.com - Reuters - ESPN - Newsday all 1,861 news articles Publ.Date : Mon, 08 Sep 2008 01:15:11 GMT RSS Feed Reader Increase Web Traffic

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