You Deserve the Mortgage you Currently Have

By: Hartmut Eggert

Got a 'bad' mortgage refinance deal? Blame yourself...
And what to do about it now in 5 simple steps...

First of all, let me clarify one thing:
There is no such thing as a 'bad mortgage', it's just that the mortgage you have may not be the right one for you.
The primary reason why you got that particular mortgage, was probably because you really did not know what questions to ask and the loan officer was more interested in getting a fat paycheck from your 'deal'.

Granted, there are exceptions to every rule. In this article however, I will not talk about the possibility that you were lied to by your loan officer or other circumstances. And even then, it's still your responsibility because you signed the loan documents!

For most people, a home is the largest investment they ever make, yet people seem to think that 'shopping' for a loan is as easy as finding the cheapest gas for their cars.

The way you probably ended up with your current mortgage probably started one of two ways:
1.A 'telemarketer', who tried to get you to refinance, contacted you.
2. Being bombarded with tons of advertisements, for mortgage products, you contacted various lenders yourself.

Either way, your first question was probably 'What's your rate?' and the next question most likely 'How much are your fees?'

In the spirit of 'shopping around' and pretending you actually knew what you were doing, you probably called a few more lenders, until you heard what you wanted to hear.
This was Strike one, two and three before you really got started!

But now what?
The past is the past. Following are 5 simple and easy to follow steps to move forward now:
1.Find a mortgage broker you can trust. Don't know how? Ask your attorney, financial planner or CPA/Tax consultant for referrals and select someone you feel comfortable with and who you can trust. Stick with them, and build a long-term relationship. Just like you do with your family doctor, or auto mechanic.
2.Discuss your current financial situation and future goals with your 'newly found' mortgage consultant. Obtaining a mortgage should not be viewed as an isolated transaction. It needs to complement and be part of your overall financial plan.
3.With literally hundreds of different loan products in the marketplace, your mortgage consultant should narrow down the field of potential scenarios, depending on your circumstances and future plans. The different programs need to be explained, as well as the advantages and disadvantages.
4.Ask yourself if it makes sense to refinance in the first place If the answer is yes, you will now be able to make an informed decision, and select the loan program that you feel most comfortable with.
5.Start the 'actual' application process, and work with your loan consultant to ensure a smooth transaction.

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