Your are Entitled to a Second Opinion - Make Sure Your Mortgage is Structured Correctly

May 11, 2009 - PRLog -- Indianapolis, IN – Imagine you have just found out that you have to have surgery on your knee and the procedure will be pretty extensive!  Most people just won’t take the doctor’s word any more.  They seek out another doctor for a “second opinion”.

That’s the way it should be with your mortgage too!  If you have already been pre-approved or pre-qualified for a mortgage on your next home, are you absolutely sure you are getting the best deal?

I’m not talking about interest rates either!

I’m talking about the structure of the deal itself!  Donald Trump, in his book called “The Art of the Deal” said, “The price that you pay is the least of his worries in a transaction.  Its how the deal is structured is what matters most.”  You could have been quoted a wonderful interest rate, but if your financial house is not in order, the best interest rate – could be absolutely the worst loan for you.

I’m not saying that interest rates are NOT important – they are!  But, here are some of the things you need to consider and why you need a “second opinion” from me:

•   Should you decrease your down payment and use your cash to pay off your high credit card debts?
•   Should you pay “points” or “loan origination” fees?
•   Does a no-cost mortgage make more sense for you?
•   Are you better off with an adjustable rate or a fixed rate?
•   …and did your lender show you how to save thousands of dollars and take 5 years off the mortgage term?

If they did not talk to you about any of these issues – then you definitely need a “Second Opinion™”.

It won’t hurt to see if your mortgage has been structured correctly.  You have everything to gain and nothing to lose.  You can simply walk away knowing that your lender has done a good job for you.  Or, you will find out that they haven’t.  Either way, you win.

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Lakewood Lending Group specializes in providing residential mortgage financing throughout Indiana. We structure mortgage loans to help our clients meet their long and short term financial and investment goals as well as payment and equity objectives.