When we bought our house six years ago, we were very fortunate. We went with a mortgage broker who was based in our real estate agent's office. Since i really didn't know anything about Mortgages when I started, it was probably a good thing for me. She found me a 30-year mortgage at a fixed rate comparable to other mortgages out there -- but with no money down because I'm a teacher. best of all, it was underwritten by a major national bank, so I knew it was reputable. Indeed, she even managed to get my rate knocked down an additional 1/8 of a point in the hours before closing due to a market fluctuation.

That doesn't mean that everything was perfect. Everyone missed the fact that my school district taxes through the neighboring county, not the county where the house is located. The result -- they missed $1200 in property taxes annually, which resulted in a $200 increase in my mortgage payment the second year as I struggled to get my escrow account up to where it was supposed to be as well as paying the full tax bill! So while she got me a great loan, the oversight ended up putting a squeeze on the budget for the first couple of years in the house.

Now would I look at remortgages for my house? No -- the rate is still good and my equity and income are not where they would need to be for me to shorten my loan term. And while I liked my broker, I wouldn't be using her again after the error.

Paid Endorsement.

Posted by: Greg at 06:00 PM | No Comments | Add Comment
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