The Loan – Choosing the Right Mortgage

Asheville Mortgage Guide

The interest rate you “lock-in” on your mortgage matters. A lower rate could save you thousand of dollars over the life of the loan. One of the biggest misconceptions about mortgage companies is the source of funds for your mortgage. In most cases, mortgage companies raise capital from other companies (namely Freddie Mac & Fannie Mae) to fund your mortgage. This means that in general the cost to borrow money is the same from lender to lender. Yes, you will hear and see things about no closing costs, free appraisals, and the lowest rates in town, but these are all gimmicks. Do we make money for the service we provide? Of course, but we also work hard and earn that profit.

So, what questions do I ask to make sure I am getting a good value?

  • What are the lender specific closing costs?
  • If mortgage rates drop, can I renegotiate a lower rate?
  • Is there a prepayment penalty?
  • If the loan is an adjustable rate mortgage, how long is the rate fixed, what happens when it adjusts?
  • How can your company save me money in the future?

About the Author - Kabir Mahadeva

Asheville Mortgage Professional Kabir Mahadeva

Kabir Mahadeva helps clients to create and preserve wealth by integrating their mortgage with their overall financial plan. As a Certified Mortgage Planning Specialist®, he is one of a very select number of professionals who have earned advanced certification in assisting clients to achieve financial goals including funding retirement, paying for college, optimizing cash flow, reducing tax costs, and increasing net worth. Click here to read more about Kabir Mahadeva.

Contact Kabir
Phone: 828-552-0330

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