Have you ever had a sick feeling in your stomach after buying a car, or a big screen TV, or a boat, or expensive jewelry? It’s that nagging worry that you’ve bought the wrong model or spent more than you should have.
Buyer’s remorse is common with big ticket purchases, but it’s not as common right after you close a mortgage.
With mortgages, the buyer’s remorse comes later—when you discover the cost of changing your mortgage, or realize that you have no objective source of advice to rely on.
There are numerous ways to weed out inferior mortgages, and (believe me) there are countless inferior mortgages out there. Once you’ve scouted out the best rates, it’s time to start asking questions. Here’s what you’ll want to know:
To cover all the bases, click this link above, print out the PDF and run through it point-by-point with your mortgage advisor. If they don’t want to answer these questions (or can’t answer them) seek out another mortgage professional.
This checklist covers a lot of mortgage criteria, but it’s not exhaustive and there are exceptions. And keep in mind, it applies mainly to well-qualified borrowers mortgaging their primary residence.
It’s also a living document that will be updated periodically. So if you have other helpful tips on what makes for a great mortgage, let us know and we’ll add them to the list.
Hopefully you find the list useful. Happy mortgaging!
Rob McLister, CMT