Friday, September 29, 2006

Must Read: Top 10 Mortgage Mistakes

by Osman Parvez


This article is a must read if you're in the market for a property. It's based on a new book that details the sophisticated traps lenders set for clients they see only as suckers.

Here's the Top 10 Mortgage Mistakes
(from Business Week)

1. Beware of the origination fee
2. Trusting the 1st loan officer you interview
3. Using an interest-only adjustable-rate loan to qualify for a more expensive house
4. Thinking interest rates are the main thing
5. Not comparing final fees listed on the closing documents
6. Not knowing if the mortgage has a prepayment penalty
7. Thinking that renting means throwing money away
8. Not considering back-end yield spread
9. Paying for credit or mortgage life insurance
10. Paying extra to set up a biweekly payment plan

For more details, visit the full article and slideshow.

You can also buy the book, "Kick Back: Confessions of a Mortgage Salesman."






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The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties.   We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate. 

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