I have done nine earlier postings speaking about the most common pitfalls when obtaining a new mortgage and this will be the final posting. I did this series of post titled “Home Buyer Beware” do to countless commits speaking about how people where taken advantage of. Well many people will always be taken advantage of but only if they allow it. You can not claim ignorance if you knowingly over pay for something. Common Sense. If you over pay for a car you know it. If you over pay for a meal you know it. If you over pay for a mortgage you know it. If you do not use Common Sense you know it too.
Just as I spoke about earlier, if you are excited you will pay more for anything then you should. Do you think people that pay $40 for two tickets to se the latest Brad Pitt film are paying too much? The answer is without a doubt yes! Go to an earlier showing and pay less. Unless you like overpaying for something or maybe it is just me. So I know you are saying the early show does not work for you, right? Ok then you are paying for conveyance and there is nothing wrong with that as long as you do not change your mind later for the service, entertainment or meal. That is buyer’s remorse.
If nothing else I do hope that you f nothing else now understand that your own common sense is your only true protection. Just as you shop for a car you need to shop for a mortgage. Make the L/O provide you with a real Initial Fee Worksheet and Good Faith Estimate. If you do not know what it is supposed to look like let me know and I will send you a example. Do to all of the financial reform changes you no longer have time to wait. Yes with all of the people complaining amount begin taken advantage of there must be financial reform and reform there is. Always keep in mind that with reform we all lose loan options and timelines are always imposed. So – AKA – be careful what you ask for, you just might get it.
Be diligent when shopping. Make up your mind within one week. Make sure your loan has a float down option. Make sure you get an Intinal Fee Worksheet and Good Faith Estimate. And most important, use your own common sense. It a deal sounds too good to be true then it is.
Please feel free to ask any questions that you might have.