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Don't Be Fooled!

Well, you may be thinking - hey, I'm a smart enough  person - how on earth could I be fooled? And who would want to fool me?

 Excellent questions - here are some answers.

Buying a home or refinancing may be one of the largest financial decisions you will make in your life - and unfortunately, this means you may experience some stress as you approach these decisions. As in many other industries, the mortgage industry has more than its share of unethical individuals that are out to make a buck, but do not have your best interest at heart, and may try to take advantage of your stress at this point in your life.

For example, there are numerous stories about people being called and told that they need to "quickly come into the office and get all the paperwork signed, rates are changing". - You should never be made to feel panicked or pressured about making this size of a financial decision. If you are truly ready, a rate can be locked right over the phone.

Advertisements in the newspaper or online are also rampant with misinformation, designed only to get phones ringing. Rates change daily, sometimes hourly, so just by virtue of being in print somewhere, they are almost sure to be outdated.

The trick is, lenders can put anything out there, and if it gets the phone to ring, that is all they need. The following conversation ensues….."Hello, I'm calling about the 2.5% rate I saw that you advertised in Saturday's newspaper?" "Well, it's wonderful that you called! Rates did change a bit this morning, and are now at 3.5%, but let's talk a little more about you……"

Lenders will also frequently promote "free appraisals" or "discounted origination fees". This is great, but BE AWARE that if you are not paying for it one place, you are paying for it somewhere else. Interest rates and closing costs go hand in hand, so it is important to look at the overall loan package, not just one individual item that seems discounted. We all work off the same financial markets with essentially the same profit margins. Do we make money when we do your loan? Certainly, just like you get paid for working at your job. What we seek for you is the best balance between a great interest rate and reasonable closing costs.

Online lending is also particularly crazy and can be very costly - ANYONE can throw up a mortgage website, and be aware that the person behind that great rate you are seeing online might be some guy working out of his basement in Florida who has been in the business for 6 months. For example, closing costs vary significantly state to state - out of state lenders frequently misquote fees, as they are not aware of local and state requirements. I have personally been involved in bailing out several individuals who were lured in by an offer that seemed too good to be true, but then the lender could not come through at the closing. I have been in mortgage lending for over ten years, and I would not trust my own loan to an online, unknown lender. Are you willing to take this risk?

Usher Financial Group a Division of American Pacific Mortgage Corporation NMLS #1850 #1053700  NMLS #41721
5335 Meadows RD STE 110, Lake Oswego, OR  97035
Toll Free:  (800) 481-6036
Office:  (503) 595-1600
Toll Free:  (503) 595-1610
Copyright © 2017 Licensed by the Department of Business Oversight under the CRMLA CA BRE#01215943
Usher Financial a Division of American Pacific Mortgage Corporation NMLS 1850 Branch NMLS 1053700
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