The 7 Deadliest Mistakes Made In Home Loans (#1)

This is the first in a seven part series of posts detailing the 7 Deadliest Mistakes borrowers make in shopping for a home mortgage.

Deadly Mistake # 1

Protect Yourself

Low Balling or Bait and Switch   It's the classic Bait and Switch scam. They offer you a rate that Doesn't exist, Can't be locked, Can't be closed in the time needed, Or you just don't qualify for. Every borrower says, "Not Me. I'll never fall for that!"   The Bait and Switch Artist knows that by stringing you along, by the time you get to the closing table, it'll be too late for you to walk away! They see it happen time and time again. They know it's going to happen. In fact, they count on it!

Don't Fall Prey to Bait and Switch Work with only those you can trust. Don't allow yourself to be Low Balled. Take the time to meet with them. If you are not 100% confident that they have your best interest at heart, - walk away! Financing a home is much too big of a transaction. Ask your True Mortgage Professional for at least 3 different options. (even a 30 yr fixed has various options). Ask them to explain the Pros and Cons of each.  Chances are, a True Mortgage Professional will have already started compiling various options for your consideration. As an added test, ask them what determines mortgage interest rates, if they say the 10 yr Note - Run Away! Are you ready to work with a True Mortgage Professional? Mike@PatagoniaFinance.com or (925) 288-9977 Ext 104