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The Myths about ZERO point mortgages instead of paying points
 

 
When shopping for a mortgage, one needs to know and understand their specific goals, and this should be done even before you start to look at a home or speak to a loan officer.  The reason being is because there are several ways of looking atzero points, in which some advertise with no points or no costs, and if you should pay points for your interest rate.
The first step is to have a list of  your short term and long term goals.  Not only should you know your goals, but your loan officer should be asking about your goals.
Below is what I consider to be the most important questions that should be asked in the first 5 to 10 minutes.
What mortgage payment would you feel comfortable with. (not the max amount that you could be approved for) What are your goals, short term and long term. And I ask questions about their assets.  Ie. : checking account, 401-k, or if they could get a gift. Having answers to these questions, I can formulate some game plans on how to utilize the borrower's assets to best help them out now and in the future. Keeping in mind that things do change later on ... more

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