Quotes You May Hear From Your Mortgage Lender

It is very important to always be aware of what the situation is like regarding your mortgage. You need to remain in control the entire time. Many times, mortgage lenders may give you the run around, or try to confuse you with terminology in order to get you to agree to their deals. It is important that you remain calm and aware of what is going on. Here are a few of the things you might hear a mortgage lender say. Well...they may not say it...but they are thinking it!

Don't Get Caught in a Trap!

"Oh, your rate lock does not count when rates start rising."

That rate you see when you apply may truly be good, and you will want to jump all over it. But it has been known that mortgage companies will actual hold your application back a little bit in order to process it through at a larger rate. This could really be bad, and is a practice that should not come about. You need to be locked in at the rate you applied for.

"Are you sure we have the same definition of APR?"

Everybodys definition of an APR changes. You may know it as one thing, but the lender has the ability to work the APR to their advantage. You always need to be aware of how the APR works in each situation. That way you will not be surprised by any troubles that may arise. They cannot play APR games with you if you see it coming.

"They are not fees. They are friendship payments!"

Fees are a fact of life, we all get that. But there is a difference between a needed fee and a fee made up on the spot to charge you more money. Always question what fees are for, and where those fees are going. You do not want to have to throw away money by giving money to a fee that does not help you in the end. Do not blindly follow.

"You are prequalified? What does that mean?"

Here is a good chance to get sucked into the run around. Prequalifying may sound good, but sometimes lenders will not acknowledge that. They want to do everything themselves (often times resulting in fees!). So always make sure you have the correct paperwork with you in order to show people that you are indeed prequalified.

"That is not the right loan for your situation."

Translation: We have the right loan for you, because it benefits us the most. Only you are truly aware of your situation. That is why you need to weigh every option and do not just make snap decisions. The loan they may want you to choose may be the one that will net them the most money. So just be aware that your best interests are only your interests if you choose them.

Be Aware of All Mortgage Related Matters

It may sound redundant, but if you pay attention to all matters, then you are less likely to get burned. Your financial situation is something that you always need to be in control of. Do not let anyone else tell you what is best for you. Pay attention to everything a mortgage lender may say, and be prepared for whatever they throw at you. Most importantly, watch for the hidden fees and the run around!