When it comes to soliciting or taking advice, it's only natural to turn to those we know and trust. Most often we turn to our friends and family. Sometimes we go online or take advice we hear in the news. Why wouldn’t we?
The problem with taking advice from non-industry sources is that you don't really know if the advice being given is good advice. Trusting the source of information may be different from trusting the actual information being provided. The truth is, most people engage in only a few real estate transactions in their lifetimes. The opinions of your family and friends are important and well-intentioned, but they are also limited to the breadth and recentness of their experiences.
There are even bigger issues with taking advice you’ve read on the Internet or recently heard on a news program, if the advice is not coming from an industry professional. The information you find online may not come from a qualified source. Even if the source seems sound, the information may be dated. Unfortunately, members of the media cannot be experts on every topic they cover. Headlines and sound bites may grab your attention; however, they do not tell the whole story.
If you’re seeking advice on a mortgage or home buying decision, look to a mortgage professional who spends their days helping consumers like you. Mortgage professionals are well educated on loan programs and are kept up-to-date on guideline changes. They stay on top of the latest trends and in-depth market analysis. They work every day with other professionals who spend their lives helping others achieve the American Dream of home ownership. This is a mortgage professional’s business every day. There is nothing wrong with leaning on your family and friends for feedback; but, remember that balance is key. No one person, ourselves included, will ever have ALL the answers as they pertain to you.