|
Don't
Be Fooled
You may be thinking "I
am a smart person. I am looking for the 'trap'. They won't
catch me unaware. How would they fool me? Why would they fool
me?"
I have
some answers for you.
Pressure
You should never feel pressured
to 'sign' quickly. Buying or refinancing your home is one
of the largest financial decisions you will make in your life.
Unfortunately, this means you will experience some degree
of stress over this decision. Like many industries, the mortgage
industry has its share of unethical individuals who are out
to make a dollar. Those individuals have their own interests
out front, not yours. They may try to take advantage of your
stress and anxiety over this decision by rushing you into
a contract. When you are ready, a rate can be locked over
the phone.
Bait and
Switch
Newspaper advertisements, roadside signs, and billboards are
rampant with misleading information. When those forms are
misused, the plan is to get you to call. Mortgage rates change
daily, sometimes hourly. The odds are good that soon after
the rate is written down, it is out-of-date and possibly unavailable.
A lender can put anything out there. If it gets the phone
to ring, that is all they need. The following conversation
may take place: "Hello?
I'm calling about the 1.5% rate I saw advertised." "Unfortunately,
that rate is not available anymore. Let me get some information
about you so I can get the current rate information."
Freebies
or discounts
Be aware that services cost money. Some lenders will promote
"free appraisals" or "discounted origination
fees." If you are not paying for the service in one place,
then you are paying for it in another. Interest rates and
closing costs go hand in hand, so it is important to look
at the overall loan package, not just one individual item
that seems discounted. Do we make money when we do your loan?
Certainly, just like you get paid for working at your job.
What we seek for you is the best balance between a great interest
rate and reasonable closing costs.
Reputation
Online transactions can be scary - ANYONE can create a mortgage
website. You should be aware that the person behind that great
rate might be some guy working out of his garage who has been
in the business for 6 months.
Expertise
Closing costs vary significantly from one state to another.
Some lenders frequently misquote fees, as they are not aware
of local and state requirements. I have been in mortgage banking
for over eight years, have closed loans in states all across
the United States, and will work with you to earn your repeat
business and referrals. I am licensed in all 50 States and
the District of Columbia.
|
Licensed Mortgage Banker and/or Authorized Lender in all 50 states and
the District of Columbia