Caution, slow down for home loans

© 2017-Aptos Life

I’m not sure who to blame for just how fast consumer services are rendered. I think with the advent and revelation of the seven-minute abs work out video companies have pushed for faster is better. I think faster is sometimes better … I mean, I go fast in my car and that’s kind of cool and getting information off my blazing fast internet is useful, but closing a mortgage loan in 10 days sounds … not right! If you’re a seasoned home buyer or a seasoned refinancer then this article might not be for you.

Maybe check out the home improvement article on page 3. For you first time buyers or move up buyers, pay attention! Buying a home or refinancing is not like buying a pair of jeans, not even close! For you home buyers, have you really had a chance to think about whether or not you chose the right house? Have you had a chance to drive by on a weekend night? What about school research and prospective neighbor recognizance … it’s your chance to finally be a ninja and now you're being rushed through the transaction? 

Home buyers have been led to believe that buying a house is a game of musical chairs and if you don’t move fast you won’t get a “chair.” I’ve been doing this business for 17 glorious years and I have yet to encounter someone looking for a house that didn’t get one. What I have encountered is that people who rush generally don’t always get what they want … but they try real hard and they only get what they need. Rolling Stone fans everywhere unite! 

What about refinancing? Is this an appropriate transaction to go at a ludicrous speed? In Mexico, they say "Los zapatos con el Zapatero." Once you figure out what that means you will understand that making a decision like to refinance or not is best left to a professional mortgage broker for guidance (like me).

The average homeowner equipped with an iPhone 7 should not be pressing buttons that affects their financial future. I know this to be true because three out of five people I council with, we determine that no refinance is necessary and not beneficial. My ol’ mentor always said liars always figure but figures never lie. I miss that man. Running the numbers is important but what about all the intangible factors like: Is this the house I plan to stay in? Will my house need major repairs in the next few years? What if instead of refinancing I sell my home and buy a better one?

These are just a few of the valid questions that must be taken into account before committing to a new mortgage. So don’t let the promise of speed push you into committing a financial error. Just like those seven-minute ab videos, it’s a fad that will soon rocket away.