Shopping For A Mortgage
In my book, I make the comparison of shopping for a mortgage like shopping for a bottle of ketchup. Actually, I say that they are not the same. It seems that many people, especially (and ironically) first time buyers, think of both experiences as commodity shopping. I am not sure if this is the nurture versus nature issue, but it still perplexes me.
The property is one of the most important investments and thus decisions that most people will make. Perhaps, for some people, that ketchup decision–as well as the fruit, meat, toothpaste,etc. decision–is very important, but equal to the mortgage plan?
There is no one “30 year fixed rate” on any given day. All those risk factors like credit score and history, down payment amount, debt-to-income, assets and reserves dictate what programs and interest rates will be available. Shopping for rates. Buyers should just think about this phrase. It makes me scared. How about: shopping for attorneys? shopping for cardiac surgeons?
Instead of shopping, how about thinking it as consulting. And this requires time, discussion, and thought.
And I actually wound up not using the ketchup analogy. Ketchups, I even find, are not the same. I ended up using bleach. (Little did I know that there is regular and there is lemon scent.)
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