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June 27, 2017
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What I learned about shopping for a mortgage
via my dentist.

 
 
How to Buy a Foreclosure Property

 
What was Jerry Maquires mortgage shopping experience like?

 
 

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How is shopping for a pre-approved mortgage like painting the Eifell Tower?



You may not realize this but shopping around for a mortgage is a lot like painting the Eiffel Tower. Let me share with you the story about the first time they painted the Eiffel Tower. Many years after the tower opened in 1889 the Mayor of Paris was looking at this magnificent structure and was claimed to have said. Mondeux the tower, I think she has to be repainted. Shortly after that a painting crew was hired to repaint the tower.

Little known and interesting fact, it takes 60 tonnes of paint to cover the tower and 3 different colours are used with the brightest at the top. Back to our story, it took so long to paint the tower by hand that when the last painter applied the last brush stroke and climbed down the tower, the base had already started to rust, and they needed to start over again. How is this like shopping for a mortgage you ask? At the beginning of the home buying experience, most home owners working on their own will shop around and arrange what they feel is the best pre approved mortgage.

Once that is done they start the home buying process which may take several months. During this period the mortgage market can and often does change with new lenders and specials coming into the market. For the home owner trying o navigate the mortgage market on their own, when it comes time to finalize a mortgage as a result of having an accepted offer they go back to where they were pre approved and most likely don't know that they need to check the market to see if their lender still has the best offering.

Home owners working with a mortgage specialist, like me, have a distinct advantage in this area, not only have we already checked what lenders have the best terms when we originally arrange a pre approval, but we also have a look around at the market when the home owner has an accepted offer and a finalized mortgage needs to be arranged. Quite often we end up arranging financing with a lender other than the one that the client was pre approve with, and that's because we are always looking after the clients best interest.

Compare that to the unlikely scenario that the borrower walks back in to the bank where they were pre approved and has the lender tell them that their competition has a better product and rate down the road and they would be better off dealing with someone else. I think you'll agree that as much as you might think your lender is your friend they just aren't likely to give you that kind of advice. Something to think about when you or someone you know mentioned the need to be pre-approved.
 
 
 
 
 
 
 
 
 
 
 
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