Mortgages and Sports
High school football teams have coaches. College teams, too. But why do you think professional football players still need a coach… after all the time they’ve been playing? In fact, the offensive team needs a different coach than the defensive team — and there’s another one for the special teams! They need coaching because great coaches make good teams great.
Playing the game of Mortgage Loans requires great coaching too… because, like with sports, the rules can change. Or the opposing teams get better. Or your competition has better cleats, better swimsuit materials, or lighter weight racquets.
“There is nothing permanent except change.”
Your best bet to obtaining the best rate on your mortgage loan is to use a professional, even if you’ve had a mortgage loan in the past. Why? As we said, the rules change all the time… and how do you keep on top of that if you’re not an insider?
We are going to start you out with these five tips, but our testimonials might convince you that you need a great coach… just like the pros.
Our Best Five Insider Tips
1. Know your credit score. Try to increase your score if you have time before you search for loans. Better scores can result in lower rates. You can find out your credit score by using a paid service, or if you have a Discover card, by looking at your statement where your FICO score appears every month.
2. Compare lenders and their loan programs. The loan program and underwriting guidelines vary widely among big banks, community banks, credit unions, online lenders, etc. Each may have widely differing approval policies. Contact a few of them to get an idea of what you’re up against.
3. Research rates. If you haven’t lost your steam yet, call a few lenders at approximately the same time on a given day. Rates change all through the day, so the most accurate comparisons are made within an hour or so of each other.
4. Pick experienced loan officers. By working with a loan officer with 10 years’ experience or more, you will have a better chance that they can resolve those inevitable “challenges” that you may encounter along the way.
5. Save for a down payment. Save 5% of the loan amount or more in a down payment. If you’re not sure how much you’ll need, browse your dream home location for prices. Zillow.com is a good place to start.
Those are our tips for today. If you need more help, contact an insider like me. I can be your defensive coach, your offensive coach, or your special teams guy.
Huddle up. Let’s make a game plan to win the best loan on the planet. Winning the mortgage game is a lot like winning the game of life… because a mortgage is the Super Bowl of your finances.