Educate Yourself Best Mortgage Advice

by Scott from Delaware, OH USA

To educate yourself is the best mortgage advice My best mortgage advice is to educate yourself before signing on the dotted lines. When you decide to get a mortgage, it is so important that you are educated on all the facts.

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Read about and research all the different mortgage options and pick the best one for you. The home loan that I chose was a 30 year fixed rate mortgage with zero money down. That, to me, was my best option at the time that I purchased my home.

I would only recommend fixed interest loans to anyone. If you chose to go with a non-fixed interest loan, you may be shooting yourself in the foot with really high interest later on in the loan.

I would also recommend getting the shortest loan period you can afford. I wish I could have afforded the 15 year fixed rate mortgage as you pay less interest with this loan and you own your home free and clear much sooner.

Most importantly, education is power. If you know all the secrets of the trade, you are much less likely to become a victim of unethical lending practices, like those we have been hearing so much about in the news lately.

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Comments for Educate Yourself Best Mortgage Advice.

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Regarding A Crackdown on Rescue Schemes
by: Jill

Have you seen in the news about cracking down on rescue schemes?

A Crackdown on Rescue Schemes

I was thinking that, in my view, to not get
"taken" you have to assume if you don't understand something or things don't seem right that is the "responsibilities" of the mortgage representative to make sure you understand and can agree to the terms.

It is a test of the lender's competence, not the borrower. If they cannot make you understand then MOVE ON.

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You can also ask Kate about your mortgage at Best Mortgage Advice Social Networking Hotline.

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