Looking for your next home – and the mortgage you’ll use to buy it – is like traveling to a foreign country. The language and customs are different and your head will spin with an overwhelming number of details.
Most people who find themselves in this strange land of mortgages try to find their mortgage as quickly as possible. They race to a mortgage that, at first glance, looks like the right one for them. But that approach doesn’t assure that you’ll get the best mortgage for your needs.
Since your mortgage represents the largest purchase, here’s the way that you should find your best mortgage (and stay sane while doing it).
First, take your time. Don’t rush to find the mortgage. There are plenty of mortgages out there and plenty of lenders. Decide ahead of time that you’ll narrow your choices and evaluate from a position of confidence and patience rather than impatience.
Second, get educated. Yes, there are highly qualified mortgage experts out there who can help you find a great mortgage but the onus is on you to decide what’s best for you. Learn everything you can about the local real estate market, the mortgage industry, and what mortgages are available to you. It’s just like landing a plane:
1. Start at 50,000 feet and develop high-level knowledge about the market in general
2. Then go to 40,000 feet to learn about the market right now
3. Then go to 30,000 feet to learn about real estate and mortgages
4. Then go to 20,000 feet to learn about the most applicable real estate and mortgage options for you
5. Then go to 10,000 feet to narrow your options and learn more deeply about each one
6. Then land that plane and decide on the best mortgage to meet your needs!
Third, find a mortgage broker who can work with you. They’ll not only take away a lot of the guesswork, they can help you through each level of learning and you’ll end up making the best mortgage decision for you!
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