By Gareth R. Jones
When the decision to purchase a home has been made and the process begins, there are a multitude of options to be explored. For most people, buying a home is the largest single purchase that they will ever undertake. Information is gathered, desired location chosen, then price, size, style, age, property condition, timing, features and amenities etc. are prioritized. The process can be a long, tedious, sometimes frustrating experience and usually requires compromising something to meet the house and budget limitations. At the end of the day, when the Offer goes in, the Buyers nowadays make a very educated housing decision.
The Mortgage for most people is the largest amount of money that Buyers will ever borrow and for the longest period of time. Why is it that this Mortgage financing is generally researched less than more minor purchases such as a computer, car, vacation, TV, home improvements or appliances?
It is natural to be extremely attentive to the physical structure of your house to ensure that there are few surprises or disappointments. Why is it then, that Buyers are less attentive to the structure of their Mortgage? Generally, Buyers will automatically visit their home banking branch for a pre-qualification/approval and rely on their seemingly important, long term loyalty and relationship with their lending institution to ensure the best possible service, terms and rates available. Rarely is a second or third opinion sought.
