What Happens When You Assume?

We hate to sound cliché, but this age-old question holds true for getting a mortgage: What happens when you assume?

Consumers often make poor assumptions when considering a mortgage to purchase or refinance a home.

A common assumption is that their current bank, credit union or any other financial institution will most easily approve them or give the best deal since they are already clients.

Folks, we are here to expose this groundless assumption. The open market is the best way to see what programs and rates are available.

We’re not saying your current provider will never offer the best deal, but we are saying it is prudent to see what else is out there. Savvy borrowers know to always check with a wholesale lender since the savings can vary widely from retail.

Why? Because when shopping through a wholesale mortgage outlet, overhead costs such as advertising, buildings, etc. are typically eliminated. The savings are passed onto you, the customer.

In fact, we recently saved a client roughly $4,000 in closing costs with the exact same interest rate he was offered by his current bank. This stemmed from “credits” that covered the expense. These credits are often associated with a wholesale lender and are not always offered in the retail world.

So let the free market do its work and look at your options when considering a major purchase with a mortgage loan. Feel free to call us at 813-707-6200 if you have any questions. The more you know about what is available, the better decision you will be able to make.