Financing

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It is common knowledge that a home is the most expensive purchase most people will make in their lifetimes. Like much common knowledge, it's not quite true.

The most expensive thing most people will purchase is the loan to buy the home.

Take a look at a home bought for $150,000 with a 30-year fixed mortgage at 7.5% and a 20% down payment. After 30-years, in addition to the loan amount of $130,000 you will pay over $197,000 in interest.

It pays to shop and not buy more loan than you need. It also pays to shop early to make sure your credit is clean and your FICO score is high.

One thing to remember when shopping for a loan, especially in a resort/vacation community, it really pays to use a local lender.

There is a mortgage broker in the Desert I respect and suggest you contact. Bob Such has been making loans in the desert since 1976. He is owner of Real Estate Loan Network. You can call him at 1-800-739-3536 or e-mail at reloannet@aol.com.