31 Common Mortgage Mistakes Smart People avoid

charlesarmbruster · Posted: Wed Jul 09, 2008 10:24 am Post subject:

This site has gobs of conversations about it -- search 'MMA' on this site.

danarong · Joined: 17 Oct 2008 Posts: 2 1.87 Dollars($)

I haven't read the list of the most common mistakes, but I can suggest what i think is the biggest mistake. Over committing yourself.

Regardless of whether or not you are eligible for a particular mortgage, if you don't feel confident that you can meet the payments both now and in the future, then just don't do it!

It is not worth it in the long run.

The best advice I can give is to speak to a good independent Mortgage broker. They can help you with all the questions you have and will find the best mortgage lender for yuor circumstances and should be able to help you decide if the mortgage is suitable for you.

[Link deleted as per forum rules. Thanks.]

freezzseo · Joined: 25 Dec 2008 Posts: 1 1.28 Dollars($)

Support fully. An independent broker will be able to give adequate advice.
In addition can get some interesting information at this site

"http://www.iamdiscover.com/webs/home_mortgage/index.html"

eric1 · Posted: Mon Jan 05, 2009 5:38 pm Post subject:

Here are some other mistakes people make..

1. I would rather deal with a bank directly because if I use a broker I will probably get a higher rate.
2. If I go to my local bank, they will give me the best deal because I have my checking and savings accounts there.

manoj_gopale · Joined: 16 Feb 2009 Posts: 481 0.49 Dollars($)

It is surely helpful if one get mortgage from the same bank where they have their checking account because bank knows your credentials and your statement flow of cash.so they will better assess your case & thus award you best option for the mortgage with the lower rates.

Go local ....... Wink

gmakerley · Posted: Tue Feb 24, 2009 8:54 am Post subject:

manoj, i cannot help but disagree. most banks have completely separate departments working on mortgages in comparison with their banking side. the two most often don't even converse. now back in days of old, what you mentioned had some validity. this is a new (strange) world of mortgage banking and banking in general.

lenders could care less where you do your banking. bankers will certainly try to persuade people to obtain their mortgages in-house, but that's primarily because they want to increase their own wealth, not because they feel they can provide better service as a result.

if there's a little cynicism in that, so be it.

eric1 · Posted: Sat Feb 28, 2009 5:31 pm Post subject:

To add to what George said, you are not even guaranteed to get a better refinance rate from the bank that currently holds your mortgage. They will often treat you no different than a stranger.

gmakerley · Posted: Mon Mar 02, 2009 8:06 am Post subject:

but eric...a stranger ought to be treated pretty darned well - after all, it's the strangers we need to impress if we want to do landmark business. but of course, some of us treat everyone well. that's the only way business makes sense.

Posted: Sat Mar 07, 2009 2:01 am Post subject:

more & more banks are becoming atomized about their system ( i wonder sometimes people over there are too) they are loosing this ' personal touch'.

Now so many banks are offering these services because they have understood the importance of the personalized services.i hope mortgage lenders will also look into this aspect.

gmakerley · Posted: Mon Mar 09, 2009 7:22 am Post subject:

guest, i have no idea what you mean by "atomized," but i hope that it has nothing to do with nuclear testing.

manoj_gopale · Joined: 16 Feb 2009 Posts: 481 0.49 Dollars($)

gmakerley · Posted: Wed Mar 11, 2009 12:57 pm Post subject:

automated? that might even make sense, but i dunno.

Guest

First of all the Mortgage is what you are looking for should be from a nationalise bank wher the the intrest rates are fixed and they dont vary.

sercondly from the floating rate and the fixed rates of intrest opt for a fixed rate of intrest.

gmakerley · Posted: Mon Mar 30, 2009 11:30 am Post subject:

"floating" interest rates are just that...floating. these are not comparable to "variable" or "adjustable" rates. all that floating means is that you've not yet locked in (guaranteed) a specific rate when you've applied for your loan.

yes, fixed rates are definitely more secure - after all, you know what you have and what it'll be for the duration of your loan.

chtnggd please dont confuse people with your lingo.

lateniteboy_99 · Posted: Wed Apr 01, 2009 9:31 am Post subject:

I couldn't believe it when a friend told me yesterday that his loan officer just used zillow for comps on his refinance. Zillow is not very accurate at all in our area.

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