Mortgage Do's And Don'ts
Mortgages can be tricky, and it's easy to make mistakes that can end up costing you dearly. That's why we've put together this list of Mortgage Do's and Do not's to help you navigate the process with ease - and a little bit of humor.
DO: Shop around for the best mortgage rates
DON'T: Assume your bank will give you the best rate just because you have a checking account there. Remember, loyalty is a two-way street.
DO: Have a budget in mind
DON'T: Get in over your head. Just because you can technically afford a million-dollar mansion doesn't mean you should buy one. You don't want to be house-poor and unable to afford groceries.
DO: Get pre-approved before house-hunting
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DON'T: Assume you'll be approved for a mortgage just because you have good credit. Pre-approval is important because it gives you a better idea of how much house you can afford and shows sellers that you're serious.
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DO: Consider your future plans
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DON'T: Assume you'll live in your new house forever. Life happens, and you may need to sell sooner than you think. Make sure you're not getting into a mortgage that you can't realistically afford if you need to move in a few years.
DO: Get pre-approved before house-hunting
.
DON'T: Assume you'll be approved for a mortgage just because you have good credit. Pre-approval is important because it gives you a better idea of how much house you can afford and shows sellers that you're serious.
.
DO: Consider your future plans
.
DON'T: Assume you'll live in your new house forever. Life happens, and you may need to sell sooner than you think. Make sure you're not getting into a mortgage that you can't realistically afford if you need to move in a few years.
DO: Read the fine print
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DON'T: Sign on the dotted line without reading the terms and conditions. There may be hidden fees or clauses that could come back to haunt you later.
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DO: Be prepared for unexpected expenses
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DON'T: Assume everything will go smoothly. There may be unforeseen expenses, like a leaky roof or a broken furnace, that can quickly drain your savings. Be sure to budget for these types of surprises.
DO: Read the fine print
.
DON'T: Sign on the dotted line without reading the terms and conditions. There may be hidden fees or clauses that could come back to haunt you later.
.
DO: Be prepared for unexpected expenses
.
DON'T: Assume everything will go smoothly. There may be unforeseen expenses, like a leaky roof or a broken furnace, that can quickly drain your savings. Be sure to budget for these types of surprises.
DO: Have a good sense of humor
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DON'T: Take everything too seriously. Yes, buying a house and getting a mortgage can be stressful, but try to find the humor in the situation. After all, laughter is the best medicine for a stressful day.
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By following these Mortgage Do's and Do not's, you'll be well on your way to successfully navigating the mortgage process - with a smile on your face. Good luck, and happy house hunting!
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đ˝ď¸ Jumbo Loan Myths Debunked: What High-Income Borrowers Need to Know đ°
đ˝ď¸ Jumbo Loan Myths Debunked: What High-Income Borrowers Need to Know đ°
đ¸ Truth About Jumbo Mortgages in 2025 đ | Rate Hacks, Buydowns & Future Refi Tips đ˝ď¸
đ˝ď¸ Jumbo Loan Myths Debunked: Rate Tips & Refinance Strategies for 2025 đ¸
If youâre shopping for a high-priced home or investing in luxury real estate, youâve likely heard the term jumbo loan tossed aroundâusually with a bit of mystery or concern. But letâs be clear: jumbo loans arenât as intimidating as they soundâespecially when you understand todayâs mortgage rate strategies and how to position yourself for the future.
At Medallion Mortgage, we help high-income borrowers like doctors, entrepreneurs, and investors qualify smartlyâeven in a fluctuating rate environment. In this post, weâll bust common myths and show you how to win with jumbo loans in 2025 and beyond.
𧨠Common Jumbo Loan MythsâDebunked
Myth #1: Jumbo Loans Have Higher Rates (Always)
đ Reality: In many cases, jumbo loan rates can be lower than conforming loansâespecially for well-qualified borrowers with strong assets or income. Lenders often compete for high-net-worth clients, which can drive rates down.
Myth #2: You Need 20% Down or More
đ Reality: Many lenders offer 10% or even 5% down jumbo loan optionsâespecially for doctors, self-employed borrowers, and clients using asset depletion or bank statement loans.
Myth #3: Fixed Rates Are Always Best
đ Reality: Depending on your time horizon, ARMs (Adjustable Rate Mortgages) can provide lower initial rates with built-in flexibility to refinance later when rates drop. This is especially relevant if you're expecting a liquidity event, business sale, or future income boost.
Myth #4: Youâre Stuck With the Rate Forever
đ Reality: Many borrowers take advantage of temporary buydowns, rate locks, and refinance strategies to reduce costs now and improve terms later.
đ§ Strategies to Manage Todayâs Rate Environment
¡ Temporary Buydowns (2-1 or 3-2-1)
Lower your payments in the early years while easing into the full rate as your income grows or market rates drop.
¡ Extended Rate Locks
Great for new construction or delayed closingsâlock todayâs rate while protecting yourself from market volatility.
¡ ARM vs. Fixed Analysis
If you're likely to refinance or sell within 5-10 years, ARMs can be significantly cheaper in the short run.
¡ Refinancing Later
If inflation cools and the Fed starts cutting, jumbo borrowers will have options to refinance into lower ratesâespecially with equity on their side.
đ§ The Bottom Line
Donât let jumbo loan myths scare you away from your dream home or investment property. With the right team, right structure, and a little foresight, you can secure a jumbo loan that supports your financial goals now and sets you up for smarter refinancing later.
đ Need help strategizing? Contact Medallion Mortgage for a custom jumbo loan game plan built around your lifestyle, income, and long-term wealth.
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Š 2023-2024 Bill Rapp, Medallion Funds LLC, Director of Capital Advisory
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