National Association of Mortgage Planners
The Mistakes
Bob 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)
Contact NAMP 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