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10 Best Kept Secrets
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Ask Your Savvy Insider |
So, don't be distracted by the mortgage lingo. You just need my 10 best kept secrets to low mortgage payments.
Secret #1 Target What You Want
You want to focus on low mortgage payments. This is your mortgage. So, keep the conversation on target.Begin like this. I have owned my house for two years and my payment is $2000 a month. I want low mortgage payments. What are my options?
If the mortgage broker starts quoting interest rates again, emphasize again what you want, low mortgage payments. This will keep the conversation in focus.
Tip: Set aside some quiet time to make this call in a private setting.
Secret #2 Line Up Your Ducks
Anyone can quote mortgage rates. But to quote the best mortgage rate for your situation, a lender needs to know some details about you.It's okay! You won't have to give out your social security number yet. But it would help to have your ducks in a row. Learn my secret before you begin your refinance.
If you prepare in advance before you call a lender, you are more likely to get low mortgage payments. Save money with my personal mortgage planner.
Tip: A file folder or shoebox makes a safe and handy way to organize your ducks.
Secret #3 Get The Inside Scoop
Some loan officers work directly for banks or large mortgage companies. Some are independent mortgage brokers. Learn Kate's secret to selecting a lender. These days, most lenders have more mortgage programs than you'll ever need. So if you know what to ask in advance, you'll actually get better information tailored to your individual needs. (This is a BIG secret.) Tip: Be careful not to get lost in the details.
Secret #4 Compare Apples To Apples
6% is 6% right? Nope......not when you want to compare mortgage interest rates! So, it's important to ask each prospective lender the same set of questions. Otherwise you might end up comparing giraffes to camels or motorcycles to skateboards....you get my drift. (OK, this is a REALLY BIG secret.)
Tip: Keep track of their answers so you can compare lenders. can get several quotes for you.
Secret #5 Become A Squeaky Wheel
The squeaky wheel gets the oil...and low mortgage payments. I'm not advising you to become a nuisance, but I do recommend that you call or email your mortgage lender once a week. It's important during the loan process to see if there's anything additional your lender may need from you. Tip: Follow up your calls with a quick email. Squeeeeak!
Secret #6 You Need To Smile For This One
Your lender may request an unexpected piece of paperwork during the mortgage process. It can be aggravating. You'll wonder why they didn't ask for it the first day. You'll probably never know the real reason but don't drag your heels. Take the time. Get it to your mortgage broker with a smile. It will pay off big time. Tip: Include a explanation if there is anything unusual or missing.
Secret #7 Call 'Em Back
Don't hide like an ostrich. Check daily to see if your lender has called. The same goes for email. Don't assume the worst. Expect good news. Expect low mortgage payments! Tip: Make sure your mortgage broker knows the best way to contact you.
Secret #8 Mail It Pronto
Loan applications often require a physical signature. So lenders will mail you the mortgage application package to get signed. Return it pronto. It makes a difference. Tip: Does someone else in your household pick up the mail? Make sure you check it daily during the loan process.
Secret #9 Cross The Finish Line
It's in your best interest to sign final loan documents as soon as they become available. The sooner the better! Final loan documents have expiration dates. Do your best to take the first available closing appointment. Tip: If you truly can't sign during business hours, be sure to ask if they can accommodate your schedule.
Secret #10 It Ain't Over Till It's Over
Just because you've signed, it doesn't mean it's final. Every once in awhile, something slips through the cracks. But it doesn't have to be your home loan. Call your loan officer with this one simple question. Do I have my low mortgage payments? Tip: Store your final mortgage papers in a fireproof security box.
OK! You've heard the reasons why and why not to refinance promoted by the media, mortgage lenders and financial gurus. The fact is, only you can decide what's best for you.
Go next to Real Reasons People Refinance.
Go ahead and bookmark this page. This way you can easily return to review the ten best kept secrets to low mortgage payments.
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