Things You Should Never Say When Getting a Mortgage
May 11, 2018
Today we are going to be talking about the things you should never say when getting a mortgage so that you can get the best loan program that is available. Getting a mortgage today involves a very complicated process more than ever. From deciding which community you want to live in, to determining how much you want to set aside, buying a house can be quite a difficult task to pursue. All of these we have mentioned is child’s play compared to the conversation you would have with your mortgage broker. So before meeting with your broker, these are the things you should never say.
What is the Lowest Interest Rate
The number one question not to ask your mortgage broker is to ask what the lowest interest rate is and while that may seem like a good question, it is probably the last question you should ask your mortgage broker or mortgage lender because it’s very comparable to going into a car dealership. There with your family, you have two or three kids and your goal is to look for the best package that best suits your family. So asking the car salesman what is the cheapest vehicle you have might not be the right question because you would want to get the car that best suits your peculiar family needs. Of course, they’re going to take you over to the smallest car, with the smallest engine, the least amount of seating, and try to sell you a vehicle that does not fit your needs and fits your family and ultimately provides what you’re looking for.
Other Things Not to Say
Asking the question: what is your lowest rate, it is similar to asking that question and getting the vehicle that does not work for you? The reason being that there are lots of qualifications that you take into account when choosing your mortgage like if you are going to be in the hall, do you have equity in the home, do you plan on signing the home in the near future? You know how much down payment you have to pay. These are all great questions to ask your mortgage lender so that they can determine which loan program is the best for you.
Programs Designed for Lower Interest Rates
In all honesty, we have programs that are designed specifically for lower interest rates but that doesn’t mean that the program is the best loan program for anybody that is looking for a low-interest rate. What you can do is sit down with your broker or lender so you can sort through thousands of loan programs to find the best loan program that fits exactly what you are looking for, whether it’s a 30-year fixed at a very low-interest rate or whether it’s a small down payment, big down payment, these all variables that are taken into account will help you find the best mortgage loan program. More details here: https://www.money.co.uk/mortgages/how-to-get-your-first-mortgage.htm
The process of approval and evaluation of mortgages is put in place to safeguard not only the financial institution but also the borrower. Although it is invasive, the details that are investigated prevent borrowers from making an investment that they cannot repay. So, the next time you are going to your mortgage broker you know the things never to say when getting a mortgage.