The Mortgage Corner:
How Some Mortgages are like French Fries
By Chris Brown, Trinity Mortgage Company
If you went to a nutritionist and in your first session they recommended consuming large quantities of French fries, would you go back for more advice? Believe it or not, there are some mortgage programs out there that are equally as beneficial to your financial health. They are the "French fries" of the mortgage world... tasty, seductive, but terrible over the long haul. Don't be fooled with things that sound to good to be true. In mortgages, just with anything else, you gotta watch out! The goal is to find the best program that acts in a good, sound manner with the balance of your financial objectives. There are three things you should ask yourself before choosing a lender.
1. How savvy of a borrower am I?
2. What is my objective with the property?
3. What is my tolerance for risk?
Keep #1s answer to yourself... it will let you know how much to have your guard up. If you lender doesn't ask you questions 2 and 3 on their own (or some form thereof), do not pass GO, do not collect $200...find a new lender! The reason is, if they don't know those things, how can they possibly steer you into the correct mortgage program? Someone who is that uninterested in molding his or her efforts to your specific situation is doing you, and our industry, a disservice. Note to lenders reading this article... if that makes you mad, time to do a morality check!
In most cases, if you start with a Realtor... assuming you have a good one, they can help you identify a reputable lender. (Reason #184 to use a Realtor.) Realtors typically have a core group of people they know can get you to the closing table. Take advantage of your Realtor's contacts.
To Contact Chris with Trintiy Mortgage Company, call 407-389-2060 x 210 or email him at: Chris@OrlandoMortgagePro.com
This article was originally printed in the Seminole Real Estate Marketplace in January, 2005