How You Can Protect Yourself Financially on a Home Mortgage Loan
Many years ago, when looking for a home mortgage, it wasn’t a difficult task. You found the home that you liked, your realtor sent you into the bank or savings and loan association that they used, and you completed the application.
A few weeks later, the lender contacted you saying you were approved and quoted you their loan terms. This too was rather cut and dry – loan amount, interest rate, monthly payment, and the number of years. A settlement was done about a month later, and that was it.
Fast forward many years to today’s market. Wow, what a change. Instead of a small number of mortgage lenders, now there are thousands – some good and some not so good. Some of the terminology used today almost requires the borrower to be a finance person or one having a legal background.
When shopping for a home mortgage today, you must protect View full post…