Wells Fargo Home Mortgage Informative - Learn About It Before You Buy It
Seriously, a mortgage is really one of the biggest investments you will make. Some of you will have bigger but for the average every day American a home is a symbol of pride, and owning it makes it even more so. So it kills me working in the mortgage servicing industry that more homeowners don't know more about their mortgages.
A couple of myths I would like to let you in on:
1.)Your closing agent is truthful and tells you everything. NOT. I wish, it would handle a lot of problems we get down the road. When you go to closing advise your closing agent that you are going to need a couple of hours. Read every single document thoroughly and take a dictionary with you. Ask questions and make sure you understand and agree with the documents before you sign. If the closing agent says that it will change once the mortgage is up and running, he/she is lying to you. No it won't, those documents are for the most part set in stone.
2.) Any attorney knows stuff about mortgages.
Very very few, and the odds of your attorney are nil. There are very few attorneys who actually know about mortgages. The worst of the worst are bankruptcy attorneys. They know NOTHING about mortgages and the results of bankruptcy on the mortgage. You want information write into your mortgage company.
3.) you need to tell your life story to get what you want. Regardless of if you tell your life story to the person on the other end of the phone, it won't change the outcome. Most representatives will do what they can but what they can only goes so far. So if you are sick of telling your life story to a different representative every day, stop doing it. Just give the basics of what you need and why. That's it.
4.) Most of what I get from my mortgage company is adds.
Um, that might be true, read it anyway. If you get anything from your mortgage company read it thoroughly and make sure it is an add before discarding it. I don't know how many times I have been told that someone didn't get this or that letter.
5.) My mortgage company knows what it's doing.
That's laughable. Yes they do know what they are doing, and yes they are trying to help you. But someone has to slip through the cracks, it happens at every company, don't let yourself slip through, make sure you have proof that what they say is going to get done got done before you stop calling.
6.) My mortgage charges fees and interest for petty things such as calling, paying a few days late, etc.
Not sure what that fee is for? Call and get an explanation. any good company is not going to charge you to call, and most mortgage interest is calculated monthly, meaning regardless of when you pay it, you pay the same amount of interest.
The best advice I can give you is to always keep in contact with your mortgage company if there is a problem weather it be on your end or theirs and READ AND UNDERSTAND every closing document you sign. Sign NOTHING until you know what it says. Do not let them rush you through closing, you will pay for it later.