Avoid Common But Costly Mortgage Mistakes

One of our goals it to help borrowers work with their mortgage professionals in the most professional and resonsible manner possible. 

These are the most common mistakes that we see happen to our borrowers:

1. Pricing mistakes.  Because mortgage rates change daily (or sometimes multiple times daily) price comparisons from different lending companies will expire.  Many borrowers make the mistake of taking a quote that is not “locked” in only to find out later in the process that the rate they were quoted is no longer valid.

Our solution - we help make sure you are comparing “apples to apples” for rate quotes and make sure that the rate you are quoted is the most competitive you can find.

2. Request the wrong program.  Borrowers often hear about loan programs such as FHA and may assume those programs are best for them.  When talking to a mortgage professional about rates or programs it is important to remember that each product is priced differently and has different requirements.

Our solution – we make sure the loan program you have been quoted best matches your needs.

3. Bait and switch.  Bait and switch refers to the practice of quoting lower rates and/or fees strictly to lure a borrower away from another company – with no intention of honoring that quote.  Unfortunately this continues to be an issue in the mortgage industry.

Our solution – use our team’s experience to make sure the rate you are quoted will be valid when you go to close.  Our knowledge of mortgage industry laws can provide you with peace of mind.

4. Changing broker / lender fees.  Another common question we get comes when loan fees or rates are higher than originally disclosed.  Do you know if your lender is obligated to honor the original price and fees?

Our solution – we review your Good Faith Estimate, Truth In Lending statement and final settlement documents for accuracy.  In some cases lenders may legitimately change their rate or fees.  However in many cases this is simply an error, or worst case an attempt to charge more than you should be paying.

5. Lack of disclosure.  Many borrowers today wish they had taken the time to read their mortgage disclosures more carefully.  Some mortgage documents include pre-payment charges or adjustable rates which may have a serious impact on your decisions in the future.

Our solution – we review the terms of your loan and give you the “English” version of the legal disclosures so that you completely understand what type of loan you are getting.

Contact us today to start the process and make sure that these common mistakes don't cost you money.