There are literally thousands of mortgage lenders throughout the United States, and the mortgage industry is very competitive. So when you begin to shop around, proceed with caution.

The refinance boom of the late 1990's attracted a lot of people into the mortgage industry. It is for this reason, that many of the loan officers you may be dealing with are lacking in experience. This inexperience may cause them to offer you a product that they will be unable to follow through with.

When I was originating loans, I dealt with many a customer who told me their horror story of going to closing, and finding that their dream of buying a new home had turned into a nightmare, because the loan never made it to the table.

For these reasons, and these reasons alone, I continue to stress the importance of educating yourself.

The more you know about the industry, the better off you will be. Do not rush into buying a home, take all the time you need to educate yourself.

And don’t forget to shop around, just make sure that everything you are told verbally, you have verified in writing, otherwise it is all worthless. Once you receive it in writing, be sure to go over it with a fine tooth comb.