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Mortgage Broker - Home Mortgage Refinance Loan - Watch Out For Bad Mortgage Advice The mortgage marketplace is full of myths, half truths, including faulty interpretations that result in overpaying thousands of dollars. Doing your homework including researching mortgage offers could help you avoid most pertaining to the bad mortgage advice out there. Here is a short list of bad advice the supposed “experts” pass on to unsuspecting homeowners. Supposed mortgage “experts” are everywhere. In mortgage books, articles on the Internet including in magazines, financial advisors, all have advice for the taking. The problem is, much of the advice bad including results in overpaying. The following list of “advice” you are likely to encounter is simply not true. • Never prepay your mortgage if your investments accounts are earning a greater return than your mortgage interest rate. Put your cash in these investments to earn the higher rate of return. • Never purchase a home unless you plan on living in it for at least 5 years. • If you have poor credit you could always have to pay a higher mortgage rate. • Most homeowners should choose a 30 year, fixed interest rate loan at the time mortgage refinancing. • Interest rates have absolutely no where to go but up since we’re at historically low levels. • Your lender could tell you which mortgage loan is right for your situation. • Bankruptcy ruins your credit. • Stay away from Adjustable Rate Mortgages (ARM) at the time refinancing your mortgage loan. • Tell your loan rep: “You name the price, I’ll name the terms” at the time negotiating for a new mortgage loan. You might learn more regarding mortgage refinancing while avoiding costly mortgage mistakes including bad advice with a free 6 part mortgage refinancing video tutorial.
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