Secret #6: They made a deal
with your real estate agent. Although illegal,
some brokers shake hands and share fees for
referrals.
Secret #7: We want you
to think mortgage insurance is only temporary.
They tell you it won’t last forever, but it’s actually
up to them when you can stop carrying PMI.
Secret #8: Sharing
financial information isn’t a two-way street.
Banks do go under, and if yours does, you’ll be forced
to start all over – possibly with higher
rates.
Secret #9: We call
pre-approval a “trash-can approval” because we don’t
require verification – we take you at your word.
If other discrepancies pop up, you may be “un” approved,
so get it in writing!
Secret #10: We play
hide-and-seek with your money. You make extra
payments toward your principal, but we stash them in
escrow so we can make money on the interest you’re
paying.
