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.
.
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: 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
.
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: 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
.
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.
.
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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1️⃣⚙️ Loan Types Explained in 60 Seconds — Your Fast Mortgage Guide ⏱️
1️⃣⚙️ Loan Types Explained in 60 Seconds — Your Fast Mortgage Guide ⏱️
2️⃣💡 Mortgage Loan Types Made Simple — What You Need to Know in 1 Minute 📉
⚙️ Loan Types Explained in 60 Seconds: Your Quick Guide to Smarter Borrowing
When you’re searching for a mortgage, it can feel like lenders are speaking a different language. Conventional, FHA, VA, Jumbo, Non-QM, DSCR — the list is long, and each comes with its own rules.
But here’s the good news: you can understand the major loan types in under 60 seconds.
Whether you're a first-time homebuyer, investor, or business owner, choosing the right loan is the key to lowering your payment, increasing your buying power, and qualifying without unnecessary stress. As a mortgage broker with access to hundreds of lenders, my job is to match you with the perfect fit — without the guesswork.
Let’s break down the most common loan types quickly and clearly.
🏡 1. Conventional Loans
Great for buyers with solid credit and stable income.
Best for: Primary homes, second homes, investment properties.
Why choose it: Lower rates, flexible terms, and no upfront mortgage insurance.
🧱 2. FHA Loans
Designed for buyers with limited credit or smaller down payments.
Best for: First-time homebuyers.
Why choose it: 3.5% down and flexible credit guidelines.
🇺🇸 3. VA Loans
Exclusive to qualifying veterans and active-duty military.
Best for: VA-eligible borrowers purchasing or refinancing a home.
Why choose it: 0% down, no PMI, and competitive interest rates.
💰 4. Jumbo Loans
For high-price homes that exceed conforming loan limits.
Best for: Luxury homebuyers and high-income earners.
Why choose it: Larger loan amounts and competitive pricing with strong qualifications.
📘 5. Non-QM Loans
Perfect for self-employed borrowers who don’t fit standard guidelines.
Includes: Bank statement loans, asset depletion loans, P&L-only loans.
Why choose it: Flexible documentation and income verification options.
📦 6. DSCR Loans (For Investors)
A fast-growing loan type for rental properties.
Why choose it: Qualify based on rental income — not your personal income.
🏗️ 7. Hard Money Loans
Specialty loans offering speed and flexibility for flips or bridge needs.
Why choose it: Fast closings, property-based underwriting.
🔍 Final Takeaway
Each loan type serves a different financial profile — and the best choice depends on your goals, credit, income, and long-term plans.
Medallion Funds helps you compare options from 600+ lenders so you get the right loan without stress or confusion.
Want the 60-second breakdown? Watch the YouTube video linked below.
Need a personalized loan match? Reach out anytime.
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© 2023-2024 Bill Rapp, Medallion Funds LLC, Director of Capital Advisory
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