What Your Lender Should be TEACHING YOU!!!!

A majority of the public has very little understanding of the mortgage industry, heck, 70% of Realtors (and a lot of mortgage professionals) I speak with have very little knowledge of the mortgage industry. Even though purchasing a house is the largest financial transaction most of us will ever be a part of and, a mortgage is the largest debt we will ever have there is no LIVE resource to educate the masses.

Yes, you can go online and do research and HUD does have a hot line that can provide general advice, but most sources are general and impersonal or WRONG.

Due to the lack of education sources, your mortgage broker should be providing you with the information you need and want (and what you don't want to hear). Many mortgage brokers often only provide information to their clients that they believe they want or when asked. However, as professionals in a business that is often rarely comprehended beyond the basics, mortgage brokers have a responsibility to educate their customers beyond the scope of "must need" information for their specific loan.

Educating the borrower on program and real estate risks/benefits, how their mortgage fits in with their financial plan, using credit, and how they can become a "better borrower" for lenders should be information discussed with ALL borrowers. Mortgage brokers usually believe borrowers don't want this information unless they ask. The problem is a lot people either don't think about these issues or believe the myths they have heard and don't bother asking because they "know" the answer.

How much do you know? Answer these questions through comments or email.

What are the major factors that determine your credit?

Is it better to have an adjustable rate mortgage or fixed mortgage?

How much money do you need to put down to purchase a house now?

What is a "good" credit score?

What do lenders look at to determine if they will approve your for a loan? How do they determine what interest rate you will receive?

Is it better to payoff your mortgage? Why or why not?

gselters@myprosperityfinancial.com


Prosperity Financial - Your Mortgage Manager and Teacher
Lafayette, Colorado

http://www.colomortgages.com/ http://www.myprosperityfinancial.com/ http://www.3bed2bath.net/