Home > Uncategorized > Mortgage Mistakes to Avoid: Sounds to good to be true?

Mortgage Mistakes to Avoid: Sounds to good to be true?


Does the pitch your loan officer made, sound too good to be true? It probably is.  If the payment seems, “let me jump out of my shoes in excitement”, low… there’s a catch.  If the rate sounds, “let me run and kiss a stranger”, low… there’s a catch.  Mortgage lending is not rocket science.  Use common sense with this stuff and you can usually sniff out anything that is not on the up and up.  REGARDLESS of what you might hear from the loan officer!  OR you can just call me.  We can discuss the specifics.  I will likely repeat what I have posted here but certainly am open to the discussion. 

Thankfully with all of the licensing requirements, legislation changes and market changes, most of the scary loan officers have moved on however it is best to just keep it simple.  Go with the loan program that makes the most sense to you.  Go with the loan officer that has done the best job explaining the rate, the fees and the features of the loan. 

In the end, just make sure you ask ALL the questions, over and over, if you have to BEFORE you sign anything.  I have received many phone calls asking for explanations as to what borrowers have gotten themselves into AFTER it is already closed.  Once you are in, whether you like it or not, you are in.   In the short term, it may be too late to do anything about the loan until you are eligible, at a cost, to refinance out of it. 

How does that saying go? Measure twice, cut once?

Having a dream is good, owning one is better!

Leslie Pelletiere, Owner

First Class Financial Services

602.294.9288 (p)

www.fcfs.net

mortgagedr@fcfs.net

MB#0902810/ NMLS#162476

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