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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š§° Builder Financing vs. Broker Loans: Which Mortgage Option is Best? š”
š§° Builder Financing vs. Broker Loans: Which Mortgage Option is Best? š”
šļø Comparing Builder Incentives vs. Mortgage Brokers š¼ | Smart Buyerās Guide
š§° Builder Financing Programs vs. Broker Options: What Homebuyers Need to Know
If you're shopping for a newly constructed home, chances are a builder will offer you a financing incentiveābut is it really the best deal? While builder financing programs may seem convenient, they arenāt always the most cost-effective solution. In this blog, we break down the differences between using the builder's preferred lender and working with a mortgage broker to find the best loan.
šÆ What is Builder Financing?
Many home builders have "preferred lenders" and offer special incentivesāsuch as closing cost assistance or interest rate buy-downsāif you use their in-house or affiliated mortgage company. This can sound appealing, but it comes with a catch: limited loan options and potentially higher long-term costs.
š¤ What Does a Mortgage Broker Offer?
A mortgage broker shops across multiple lenders to find you the best loan program, interest rate, and terms that match your financial profile. That means more optionsāincluding FHA, VA, conventional, and jumbo loansāand better negotiating power.
š Pros and Cons Breakdown
Feature
Builder Financing
Mortgage Broker
ā Incentives
Yes (upfront perks)
Sometimes via lender credits
š¦ Loan Variety
Limited
Wide selection
š Interest Rates
May be higher
Often more competitive
š Transparency
May favor builder
Broker works for you
š¼ Closing Flexibility
Often rigid
More flexible options
š§ When a Broker Makes More Sense
Ā· You're planning to stay in the home long-term and want the lowest lifetime cost
Ā· You need to qualify with non-traditional income (bank statement, 1099)
Ā· You want to compare FHA, VA, or other programs builders may not offer
Ā· You're buying in a competitive market and want better terms
š” Final Word
Builder incentives are tempting, but they arenāt always the best deal when you run the numbers. A mortgage broker helps you evaluate all your optionsānot just the ones tied to the sale. Before signing with a builderās lender, compare your options through a brokerāyou could save thousands over the life of the loan.
š Need help comparing builder vs. broker financing? Letās connect.
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Ā© 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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