360SD asked:

Hi, I am planning to take a home mortage out and it is so confusing when you talk to different brokers , it almost seems that they get us in one way or the other like PMI, points, mortgage rate, even .25% would make a huge difference on the mortgage payment over the years. Can anybody suggest what things to look out when talking to a banker/broker.

I would appreciate any suggestions, or recommendations to  some good sites or good banks to go to if you had any prior experiene. Thank you.

Celz asked:

I really don’t know much about mortgages and I appreciate you guys helping me out with my question but I have another one. When you guys refer to points and how many points I want to pay what does that mean? I dont know what points are and how they work so can you guys pls help with this?

Also, what is a good amount of liquid assets to have when purchasing a $150,000 home? Must you need liquid assets or is it not necessary? is $20,000 Okay? We make about $75,000 yearly probably a little more, we will put down 5%, my credit history is okay I have a few late charges from a few months back but for the past half a year I have made all payments on time and actually just bought a new car. We pay $1250 a month for rent and figure that we should rather buy a single family home and spend $1250 on a mortgage instead of spending so much money renting. thanks for the replies…..