MORTGAGES READ THE FINE PRINT

By no means am I an expert on Mortgages. I don't ask Lenders to know every thing about Real Estate. I believe in not trying to be everything to everybody. But there are some basic things you should do when getting a mortgage.

• SHOP AROUND BUT LIMIT YOUR INQUIRIES SO YOU DO NOT LOWER YOUR CREDIT SCORE.
• INQUIRE ABOUT PENALTY FEES SHOULD YOU HAVE TO BREAK YOUR MORTGAGE.
• TRY TO GET A SHORT AMORTIZATION 20 INSTEAD OF 25 YEARS CAN SAVE YOU A BUNDLE.
• PAY CLOSE ATTENTION TO THE COST OF MORTGAGE INSURANCE, YOU MAY HAVE ADEQUATE COVERAGE FROM YOUR TERM INSURANCE POLICY. ( THIS IS AN IMPORTANT DECISION MAKE SURE YOU HAVE COVERAGE)
• HAVE A STRATEGY TO STAY FOCUSED AND MAKE EXTRA PAYMENTS WHERE POSSIBLE.
• LOW INTEREST RATES ARE VERY IMPORTANT, BUT PAY ATTENTION TO THE PRODUCT YOU ARE BUYING. HOW FLEXIBLE IS YOUR MORTGAGE, ( PREPAYMENTS , PORTABILITY, COVERAGE IN THE EVENT OF LAYOFF)
• CAN YOU REALLY AFFORD THE PAYMENT ( BE HONEST WITH YOURSELF )
• Read the fine print .... I mean really read the FINE PRINT. I have one client that got stuck with a 7000.00 penalty fee. ( They used there own Lender )
• Strategy long vs short term, know the advantages of a Variable Rate
• read the fine print

IF YOU DIDNT READ THE LAST SENTENCE READ THE FINE PRINT . Your Realtor should have several lenders available not just there favorite Mortgage Brokers. I have several Mortgage Brokers and Banks available for reference all that I can refer with confidence.