Get a Second Opinion

A Serious Operation

Imagine you have just found out that you need to have a medical operation and the procedure will be pretty serious! It is good advice for you to seek out a second opinion, and many people do.

Then, when you decide on a surgeon and a hospital, is it based on price or on the quality of the work? You know that most people will make their decision based on the quality, not the price, when their health is at stake.

In the same way, your financial health is at stake when you obtain mortgage financing.

Financially, a mortgage is also a pretty serious operation. It’s the biggest loan most people will ever have, also the most expensive.

Therefore, it pays to know what you are doing. If you have already been pre-approved or pre-qualified for a mortgage on your current or next home, are you absolutely sure that you are doing what is best for you?

You Need a Second Opinion

This second opinion is about much more than mortgage rates and fees.

I’m really talking about the structure of the financing itself.

How this financing is structured—and what happens before and after the closing—can have huge implications for your financial health, both today and in the future.

It is important to know that you are getting the financing that is in your best interest. Someone could have quoted you a great-sounding interest rate, but if your financing is not structured correctly for your needs, it can be absolutely the worst loan for you.

I’m not saying that interest rates are not important, they can be.

More importantly, here are some questions to consider and why a second opinion is important:

– Should you change your down payment and use some cash to pay off other debts?
– Should you pay “points” or “loan origination” fees?
– Does a no-cost mortgage make more sense for you?
– Are you better off with an adjustable rate or a fixed rate?
– Can you avoid mortgage insurance?
– Did the lender show you how you could be completely debt-free in as little as 6-10 years on your current income?

If a typical run-of-the-mill loan officer did not talk to you about these issues, then you definitely need a second opinion from a Real Mortgage Consultant.

It won’t hurt to see if the original mortgage proposal has been structured correctly. You have everything to gain and nothing to lose.

You can simply walk away knowing that the first company has a good proposal for you. Or, you will find out that there is a better option.

Either way, you win.