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
.
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.
.
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.
.
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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🌀 Should You Refinance in 2025? Smart Mortgage Strategy vs. Rate Chasing 💡
🌀 Should You Refinance in 2025? Smart Mortgage Strategy vs. Rate Chasing 💡
💰 Refinance in 2025: How to Save Big Without Just Chasing Rates 🏡
🌀 Should You Refinance in 2025? Mortgage Strategy vs. Rate Chasing
Refinancing can be a powerful tool—but only if done with the right strategy. As we head into 2025, many homeowners are asking the same question: “Should I refinance now, or wait for lower rates?”
At Medallion Funds Mortgage Brokerage, we see too many borrowers make the mistake of rate chasing—focusing only on the lowest interest rate instead of the bigger financial picture. Let’s break down how to approach refinancing in 2025 with a strategy that maximizes long-term savings.
💡 What Does Refinancing Really Mean?
Refinancing your mortgage means replacing your existing loan with a new one—often to get a lower interest rate, change loan terms, or tap into home equity. In 2025, with interest rates fluctuating, it’s tempting to think that the lowest rate is the only goal. But in reality, the best refinance strategy depends on your goals:
· Lowering monthly payments
· Paying off your mortgage faster
· Consolidating debt
· Pulling cash out for investments or renovations
📉 The Pitfall of Rate Chasing
Imagine refinancing just because rates drop by 0.25%. While that looks good on paper, closing costs, lender fees, and the reset of your loan term could actually cost you more in the long run. Rate chasing is short-term thinking that can lead to unnecessary refinancing cycles.
📊 Why Strategy Beats Rate
Here’s where smart homeowners win:
1. Know Your Break-Even Point – How long will it take for your monthly savings to cover the cost of refinancing?
2. Align with Your Life Goals – Planning to sell in 3 years? A refinance may not make sense. Staying for 15 years? Locking a stable rate could save thousands.
3. Look Beyond the Rate – Loan type, term length, and cash-out opportunities can sometimes outweigh a slightly higher interest rate.
🏡 Refinance Options in 2025
· Rate-and-Term Refinance – Lower your payment or pay off faster.
· Cash-Out Refinance – Use your home equity for investments, renovations, or debt payoff.
· Streamline Programs (FHA/VA/USDA) – Less paperwork, lower costs for eligible borrowers.
· Bank Statement Refinance – Great for self-employed borrowers with non-traditional income.
✅ Final Takeaway
The smartest move in 2025 isn’t to chase the lowest rate—it’s to build a refinance strategy that aligns with your financial goals. At Medallion Funds, we help homeowners evaluate the whole picture so they don’t just save pennies now, but build long-term financial stability.
👉 Ready to explore your refinance options? Let’s talk strategy.
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© 2023-2024 Bill Rapp, Medallion Funds LLC, Director of Capital Advisory
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Refinancing youe loan and when to do it
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