We don’t want to create unnecessary fear, but you only have to go online and do a little digging to see that the experience people have when buying a home and getting a mortgage is far from uniform. There are all kinds of stories about missed deadlines and false promises. You might have terrific credit, or be principled enough to say that you’ll walk away if the numbers change, but as you’re getting ready to move your family into a home and you’ve already invested as much as $1,000 for things like appraisals and inspections, sometimes it just doesn’t happen.
The first and most important thing to remember is what you see is not always what you get. Whether that’s missing contract deadlines, missing closing dates, or the mortgage lender just misquoting certain things, there are some mistakes you just can’t be protected from. The other important thing to consider (which is often overlooked) is that many mortgage people act in a very transactional manner. Their goal is to get you to do business with them. They may present some options or numbers that might not be in your best interest, but you’re most likely to accept anyway because you’re assuming a low interest rate is great no matter what.
“
”
What you see is not always what you get.
”
There are all kinds of scenarios, though, where a different loan product or term might be better. I’ve had situations where I’ve actually gone with a higher interest rate but much lower closing costs because that kind of arrangement might be better for a person who might not be keeping a home for a long time. It’s a difficult conversation to have with a borrower to convince them to accept a higher rate in exchange for lower closing costs, but we can always run through those numbers to explain why it would make sense to them in the long run.
If you’re looking for a mortgage lender with competitive interest rates, individuals that will take the time to understand your particular situation and make appropriate recommendations, and a local team that has a track record of delivering on their promises and their timelines, reach out to myself or someone on our team at the number listed below and we’d be happy to help you out.
