5 Things Banks Won’t Always Tell You about Mortgages

Buyers, please. Can you spare a second?
I need you to hear me on this. You need to hear me on this.

I talk to buyers all the time after
they’ve locked in a mortgage with a bank. When they share the details of their
loan, I sigh – I know they could have gotten a better rate or terms or loan if
they only knew the questions to ask and places to look. And now it’s too late
(at least this time around).

As an agent, I don’t know what else to
do other than talk to buyers wherever I go and put accurate info out there with
the hope it reaches as many people as possible. So here’s me doing that.

You see, the mortgage process can be a
bit like navigating a maze. But you can make the right moves and come out at
the end with the right loan, the right rate, and the right terms for you.

But you’ve got to go in knowing a few
things, including these five (that the
banks won’t always tell you):

• Shopping around for a loan can save
you money by helping you find the best interest rate and terms for your
specific financial situation.

• Credit score isn’t the only factor
that determines your interest rate – income, employment history, and down
payment also play a role.

• Pre-approval isn’t a guarantee. The
rate quoted during the pre-approval process may not be the final rate offered.

• Alternative lenders exist. Credit
unions or online lenders also offer competitive rates and flexible terms.

• The true cost of your loan.
Adjustable-rate mortgages or interest-only loans can result in higher costs
over time. Before you sign, make sure you understand your loan and how it
works.

Buyers, I don’t want you to be stuck in
a loan for 5, 15, or 30 years that isn’t right for you. You deserve more when
buying a home, so keep asking and keep pushing until you feel confident in your
mortgage (and the people helping you along the way).

If you need help finding a local lender
or have questions about buying, give me a call. That’s why I’m here.

-Megan Stultz

Call or Text 936-537-2587

Megan@MeganStultz.com

www.Southern-Luxury.com