Mortgage Shopping

Fixed Rate, Adjustable, 30 Year, 15 Year, Balloon Payment

They Might Be Thinking:

  • How do you shop around for a mortgage?
  • Should I use the lender offered by the realtor?
  • Which credit score do lenders use for home loans?
  • What happens if my partner's credit score is low?
  • How does mortgage shopping affect credit score?
  • How long does a pre-approval for a mortgage last?
  • What is the interest rate on this mortgage?
  • What discount and origination points will I pay?
  • What are closing costs?
  • When can I lock in the interest rate, and will it cost me additional money?
  • What is the minimum down payment required for a loan?
  • Which documents will I have to provide?
  • Do I get a discount if I put more money down?
  • If the mortgage lender offers me a high total loan amount, should I buy a more expensive home?

Words That Might Be Encouraging:

  • I am very excited for you. Purchasing a home can be such a great experience.
  • If you have credit card debt or student loans, you will have a better chance of getting a better mortgage rate.
  • A penny saved, is a penny earned. 
  • If you have any questions about any part of the process, I am happy to help you get your questions answered.
  • You are in control of the situation. Don't ever forget that.  
  • Make sure you leave 20 to 30% in your monthly budget for savings.
  • Focus on trying to pay off your mortgage as soon as you can.
  • You can always walk away if the deal seems too good to be true.
  • Find a home that you love. Don't settle for a house that does not feel like a home to you.
  • Don't buy a fixer upper if you don't have experience and patience for a long remodeling process.

Words That Might Be Discouraging:

  • Maybe you should just keep renting or a while.
  • Why are you in such a hurry to own a home? You should be focused on having fun right now.
  • You just started working. How can you afford a mortgage?
  • Are you going to ask your parents for the down payment?
  • Are you going to get someone to co-sign the mortage for you?
  • Are you sure you know what you are doing?
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