Sponsored Post

When we bought our Texas home six years ago, we were very fortunate. We worked with a mortgage broker who was based in our real estate agent's office. Since I really didn't know anything about Mortgage Loans when I started, it may have been a good. She found a 30-year mortgage at a fixed rate comparable to other mortgages out there -- but with no money down because I'm a teacher. The loan was underwritten by a major national bank, so I knew it was reputable. The broker even managed to lower my rate by an additional 1/8 of a point just before closing due to a market fluctuation.

It wasn’t, however, perfect. Nobody noticed 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 payment the second year as I struggled to fund my escrow to cover the shortfall as well as paying the full tax bill! So while the broker got me a great loan, the mistake put a squeeze on the budget for the first couple of years in the house.

Now would I look at refinancing my house? No -- the rate is still good and my equity and income would not shorten my loan term. And while I liked my broker, I wouldn't be using her again because of that tax oversight.

Posted by: Greg at 06:53 PM | Comments (1) | Add Comment
Post contains 246 words, total size 2 kb.