National Association of Mortgage Planners
The MistakesBob and Sally made in buying their home and obtaining a loan.No advance planning or a clearly defined set of buying and borrowing goals Failed to use the services of a mortgage planner for their loan buying interest Only looked at the short term goals for both the loan and home value Did not protect their equity position Failed to engage a real estate licensee who would be obligated to protect their home buying interest Failed to request the services of an appraiser obligated to obtain an objective evaluation of the property's value Did not know their rights as a borrower and home buyer Were not in charge of the loan and home buying process Did not ask for a copy of the wholesale interest rates Did not understand the real cost of the loan Did not comparison shop for a loan or a mortgage broker Relied on non experts (family and friends) for advice Failed to understand the "Good Old Boy"' theory of "Let's Make A Deal" Failed to maintain an "objective" focus by letting emotions guide the decision making process Were not aware of hidden rebates or premiums paid to mortgage broker by wholesale lender Failed to properly manage the mortgage and home buying process Failed to appreciate the importance of the relationship of the first home purchase to the intended subsequent home purchase(s) |
Why use a Mortgage Planner? Understanding "True Agency" Smart Home Buying Tactics Home Buying Action Plan Questions to Ask - Yourself Compare Brokers Borrower's Bill of Rights FAQ How to Hire a Real Estate Agent How NOT to Buy a Home! NAMP Members - Location Map Mortgage Planning = Savings - Article Front Page |
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