Mortgage July 15, 2019

How to Get the Best Mortgage Rate in 2019

There’s a lot of good advise in this article, both general and specific, and I agree with almost all of it. Read the whole thing, but the two things I want to point out are listed as points #’s 3 and 6 in the article.

Point #3 advises buyers to use an independent mortgage professional vs. a mortgage broker who represents a specific bank or lending institution. An independent broker will have access to multiple mortgage products across multiple lending institutions and will generally have the ability to find buyers a better deal. The mortgage banker will only have access to his or her bank’s product, which is only a small portion of what is available on the market.

The second thing I want to point out is point #6 in the article. This one seems to be a bit of a no brainer, but I strongly feel needs to be covered; only borrow what you can afford. Just because a lending institution approves you for a certain loan amount doesn’t mean that you should find a house at the top of the loan approval amount. There are plenty of principles that can be followed when it comes to affordability and I encourage you to research them, but the larger point is that this is an important topic. There is definitely such thing as being “house poor”, and you don’t want to be that person.

Let me know if you have any questions or comments!

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