Some mortgage loans have happy endings.
Others can turn into nightmares where you feel nauseated every month when you open your mortgage statement and wonder… how did I wind up with this loan?
Sadly, this happens too often. It’s the reason I wrote Mortgage Peace in the first place.
When Bad Things Happen to Good People
I wish a recent borrower of ours had read my book. I offered her a copy but it may be too late.
Little Ms. Mable came to my office super frustrated with her current lender.
After reviewing her situation, I could see why.
Ms. Mable had been working hard to save up nearly $20k so she could buy a house. What an amazing feat! And she wanted to keep a good bit of that cash in savings in case she needed it as a homeowner.
She had put in an offer on a home and just couldn’t understand why she was going to have to put down $17k and her payment was higher than she wanted.
But now she was stuck. She had a house she wanted but the payment was too high and the loan required too much cash down!
Time to see if we can help her…
The Wrong Way to Get a Mortgage
I believe the best way to get a mortgage is to take the first step in getting educated about the process. Then you apply online and talk to a lender.
Ms. Mable had skipped all 3 steps. She went straight to house shopping.
It’s the exact WRONG way to get a mortgage.
She had no clear idea of what her payment would be and how much cash she’d need to close.
I believe we can help her get the home she wants, so we went ahead and put her application in process. But the story is not over yet… we’ll see how it ends. 😊
Don’t skip the first step of getting educated about the mortgage process.
Then, get pre-approved(not pre-qualified) and see what kind of loan terms you may have before you go loan shopping.
And finally, spend 15 minutes on the phone with a loan officer discussing the options and make sure you’re clear about what you’re getting into…
Only then should you go house shopping!