Money - WealthWithProperty Mortgage Broking Services Will Save You Plenty Of It
On the subject of money however let’s do a quick calculation on what all this prudent, must do shopping around is going to cost you before you get to decide what lending institution you’ll use and to a finer point what product you will purchase.
(By-the-way, of all the lending institutions that you could deal with, cumulatively they offer literally 100’s of lending products! Is the enormity of what needs to be done to identify the best loan for you starting to daunt you yet? – Yes there is an easier way but again you’ll have to wait a little longer yet to be totally amazed at not only what that is but how quickly I can do that for you!)
And yes you do purchase a loan. A loan is nothing more than something that you buy. You pay money, lots of it to have your mortgage so it is a ‘something’ just like a thing, a car, a fridge a commodity. Never think of your mortgage as anything different. It is a thing you buy to have what you want and you pay lots of money over time to have it.
The art of working smart is to minimize your cost of getting and owning your mortgage in the first place and then making that mortgage work for you. That means even the looking around time, the research and due diligence that you do on every loan provider should be calculated as a cost… because it is!
So how long did you spend at the first lender. One to three hours? Let’s split the time and say two hours. You work for say $25 an hour?
You have just cost yourself $50 to check out one lender.
In line with what we already know as ‘Mortgage Brokers, my bet is that you have either forgotten half of what the loans officer has told you (except for the interest rate), or you forgot to ask a few pertinent questions like;
• Can I withdraw?
• Do I have to have mortgage insurance and how much is going to cost me?
• Can I make extra payments without penalty?
• Is there a monthly fee?
• Can I refinance at no cost if I want to purchase anther property?
• Do I get online banking capabilities?
• Is there a credit card attached?
• Can I automate payments etc etc.
So in the end you either have to go back there to have yet another meeting with the loans officer or heavens forbid you try to call them on the phone.
Have you ever tried to call a bank? A machine will normally answer and after a multitude of press button options that really don’t narrow down the source to the answer of your intended enquiry, will be given to you. 5 pushed button options later you get, ‘For training purposes this call may be recorded… Please advise us if you don’t want the call recorded yarda yarda yarda Aaaaaaahhhhhhhh!!!!!
So what do you think your initial searching for your loan is going to cost you in terms of just time alone? Then you can calculate just how much money your time is worth and simply multiply by the hours this is going to take you.
Research also tells us that in a very short time you will simply settle for the best of what you have managed to do thus far be that 2 and in most cases probably just 3 lenders that you manage to check out and do the due diligence that everybody should do before they buy a loan.
(Realise that for most people, there are still at least 27 lending institutions that they have not yet checked out. That’s akin to saying that there is only 3 places in the world to go on holiday and you’ll take the best of what’s on offer irrespective if the Bahamas is going for half price or the Mauritius or Coco Islands includes all meals, tours and a masseur to pamper your sun tanned body morning, noon and night!)
And talking about holidays, here’s another statistical fact. Most people spend more time on deciding and planning their holiday than they do on choosing the right mortgage. The ironic and perhaps cruel part to that is if only they chose and structured their mortgage the right way then they would have more than enough money to go on holiday!
But please, make me happy and tell me that the statistical research of mortgage hunters is wrong for you and that you have bucked the trend. If not or you are just not sure of where to start then worry no longer because there is an easy answer to all of this for you. But let’s first mention effort.
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