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Does Your Money Matter To You? How To Choose The Right Mortgage Specialist

You work hard, don't you? You probably work really hard. You probably work so hard that the thought of spending more money than you have to is out of the question... Right?

You work hard, don't you? You probably work really hard. You probably work so hard that the thought of spending more money than you have to is out of the question... Right?

If you don't agree with any of the words above, stop reading this!!

It is important for you to choose a mortgage loan specialist that is for you, not somebody else.

If you are working with a real estate professional they are probably going to have people they recommend you go see. You might call those people they recommend "friends." 

I am here to tell you that it is your obligation and duty to yourself to shop around for the best interest rate and loan program available to you. 

Here is why:

1) Not every bank is going to charge you a loan application fee.

2) Not every bank is going to be able to save you money on your closing costs.

3) Not every bank has programs out there for teachers, doctors, nurses, police man, fireman etc..

4) Each bank specializes in different products

5) Each bank has different standards and fees that they will not vary on

You owe it to yourself to do the homework. 

The best way to show this is by example:

 James graduated from college in 2008 and has recently decided it is time to move out of his parents house. He saved up some money and wants a place of his own. He is on a budget though and every penny counts. Dad, who has his mortgage through 3/4ers Bank recommends that James talks with his loan guy. Not knowing any better James goes and meets with 3/4ers Bank and gets preapproved for a pretty nice loan. He can finally buy his own place.

As the house hunt goes on, James here's of his buddy Tommy that just got pre-approved for a loan from a great local bank that doesn't have a loan origination fee and only has $995 in closing costs... Tommy is also getting a better interest rate by going to this bank too! James then reconsiders things and calls Tommy's loan guy and saves a ton of money. In fact, James saved so much money that he was able to buy a hot tub for his new place.

How did James save so much money? He asked the right questions. He investigated and he kept his options open. 

It's pretty easy to get wrapped up in the I recommend this guy and you should go to that guy game. You owe it to yourself to get the best loan product out there for you and your family. 

Rich Ganim is a licensed Realtor® in the state of Ohio with Keller Williams Greater Cleveland West. To contact Rich about buying or selling a home, please call his personal cell phone at 440-781-2523 or you can e-mail him at Rich@ClevelandsRealEstateGuy.com. 

 

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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