Get the Facts before You Finance

There are mortgage myths out there that many consumers believe – myths that aren’t true and could be costing consumers money in the long run.

Myth #1
Consumers can simply find a good rate online

Online lenders have opened a new door to transparency that we didn’t see before they arrived.  When you work strictly with an online lender, you are missing a few important factors in your mortgage process.  Often times we will see that these online companies have not disclosed rates and fees correctly.  You’re also not receiving the personal connection that is so important when looking to finance your life’s most important investment, as loans are handled on an assembly line rather than a personal level.  Clients also don’t receive the proper education about the different types of loans out there when they are simply pressing a few buttons and hoping for all the answers, and are truly limiting themselves when only searching online.  When you work with a trusted loan officer, that person will become an adviser every step of the way.

Myth #2
Banks are the best place to get a mortgage

When trying to find financing for their mortgage, many people turn to the same bank they have their checking or savings account with, and simply not do anymore research than that.  Banks would like to be a one-stop-shop for all of their customers’ financing, but they cannot offer you the same pricing and programs that we can.  We aren’t limited to one rate sheet and a couple of programs, because we have the ability to shop around and make sure we are offering our clients the absolute best pricing.  In the long run, it’s more important for you to receive the best service, rates and programs when looking for mortgage financing; this highly outweighs the possible convenience you may receive by working with a neighborhood bank.  Finding the best financing for our customers is our main focus and only goal, and we will make this as convenient a process as possible.

Myth #3
It’s difficult to find a trustworthy mortgage broker

As a client of 1st Advantage, you’ll see this myth will be proved wrong immediately. As in any industry, unfortunately there are some ‘bad’ mortgage brokers who have taken advantage of their customers to make a few dollars. However, here at 1st Advantage, our business is based on word of mouth, and we pride ourselves on finding business from happy clients and successful business partners that we have done and continue to do stellar business with on a daily basis. Our primary duty is to serve as a resource to our customer throughout the mortgage process. We strive to make our customers 100% happy in the hope that they we will walk away from that closing with a lifelong client.

Sadly, many buyers don’t do the research and take these myths as fact when looking for home financing. Since so many uneducated borrowers pay too much for their mortgage, we are here to educate our borrowers and make sure they understand what financing will be best for them.