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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❓ Top Questions Mortgage Brokers Get Asked (And the Real Answers!) 💬
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🏡 FAQs Every Homebuyer Asks Their Mortgage Broker 🔍 (Answered by a Pro!)
💡 Top Questions I Get Asked as a Mortgage Broker (Answered!)
If you’re thinking about buying a home, refinancing, or exploring investment properties, chances are you’ve got questions. And as a mortgage broker, I hear them all—from first-time homebuyers to seasoned investors.
Let’s break down the most common mortgage questions I get—and the honest, expert answers that will help you make smart decisions.
🔑 1. “What’s the difference between a mortgage broker and a bank?”
Answer: A mortgage broker shops multiple lenders to find you the best rate and loan structure. A bank only offers its own products. Think of a broker as your personal loan shopper, working for you, not the bank.
🔑 2. “How much do I need for a down payment?”
Answer: It depends! For conventional loans, you can put down as little as 3%, and for FHA loans, it’s 3.5%. VA and USDA loans can be zero down. And yes—there are even jumbo loan options with as little as 5-10% down in some cases.
🔑 3. “What credit score do I need to buy a house?”
Answer: While 620 is often the minimum for conventional loans, some programs go as low as 580. But better credit = better rates. We’ll walk through your report together and create a game plan if needed.
🔑 4. “How long does the mortgage process take?”
Answer: Typically 21–30 days from application to closing. Pre-approval can take just a few hours. Working with a broker helps speed things up since we know how to prep and package your file properly from the start.
🔑 5. “What documents will I need?”
Answer: Be ready with:
· 2 years of tax returns or W-2s
· Recent pay stubs or bank statements (for self-employed, we’ll use bank statements or P&Ls)
· ID, insurance, and property info (if applicable)
Don’t stress—we provide a full checklist to make it easy.
🔑 6. “Are there any hidden fees?”
Answer: Great question—and the answer should always be no surprises. We review a full Loan Estimate early in the process so you know what to expect with lender fees, title charges, and prepaid items.
🧠 Bonus: “Why should I work with you instead of going online?”
Answer: Because I offer:
✅ Custom strategies based on your situation
✅ Access to niche programs like doctor loans, DSCR loans, and renovation financing
✅ Local insight and personalized attention—something online platforms can’t compete with.
Whether you're buying your first home or financing your fifth investment property, I’m here to guide you through every step. Still have questions? Let’s connect and get you answers.
https://www.billrapponline.com/
https://findamortgagebroker.com/Profile/WilliamRappJr28883
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© 2023-2024 Bill Rapp, Medallion Funds LLC, Director of Capital Advisory
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