5 Mortgage Pitfalls Buyers Need to Look Out For

Today in Mortgages

Welcome back, Dreammakers! Today, on "Today in Mortgages," we're talking about what buyers are doing wrong when home shopping. The old adage: consumers are always right is still correct, but the problem is, they don't aways know the answers. Our job as loan officers is to manage the borrowers fears and questions, while kindly advising them.
We look at an article today that talks about "10 Things Most Homebuyers Get Wrong About Getting a Mortgage Today," from Realtor.com. Some of these mistakes include:
1) Buyers focusing too much on high rates
2) Assuming you need 20% down payment
3) Assuming you can get a loan instantly
4) Thinking pre-qualified means you are approved for the loan
5) Not considering home buyer programs
As professionals, we need to get ahead of these misconceptions, communicating the correct information on the front end to help your borrowers.
We will look at the other 5 mistakes on Thursday!
If you found this episode informative, consider joining Rich Inside the Network for daily coaching and more resources to stay smart in the mortgage world. For now, thanks for tuning in to "Today in Mortgages." We appreciate you, and we'll catch you next time!
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Today in mortgages is produced by Network Funding, LP, which is an equal housing lender, NMLS# 2297.
The content of this program is meant to be a commentary on mortgage and real estate news and any discussion of rates and or products should not be taken as individual mortgage or home buying advice or pricing estimates, and any commentary on this show is should not be considered a promise to make a loan. All applicants for a loan must qualify and you should consult a professional regarding your individual loan scenarios for your financial situation.
Visit our website at nflp.com/licenses for all state licensing and other legal information.

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Today in mortgages is produced by Network Funding, LP, which is an equal housing lender, NMLS# 2297. Corporate office located at 10370 Richmond Ave. Suite 900, Houston, TX 77042.
The content of this program is meant to be a commentary on mortgage and real estate news and any discussion of rates and or products should not be taken as individual mortgage or home buying advice or pricing estimates, and any commentary on this show is should not be considered a promise to make a loan. All applicants for a loan must qualify and you should consult a professional regarding your individual loan scenarios for your financial situation. Visit our website at nflp.com/licenses for all state licensing and other legal information.