Real Consumer Information
RSS feed
Page header

2) The Real World of Mortgages

So, you thought buying a car was complicated! Finding the right home and the best and least expensive mortgage makes car shopping look as easy as watching someone else cut the grass. Our example above, just begins to touch on the mistakes an unwary person can make in this business.

For instance, did you know the best looking home might be the worst buy, even if you can afford it? Most people find that out after they’ve bought.

Did you know two mortgages with the same interest rate could vary tens of thousands of dollars in overall cost to you? Just ask the couple above—thousands of couples have this happen to them every year. How does that happen?

Did you know mortgage payments shouldn’t be your only concern when you buy or finance a new home? Lots of folks go broke thinking the payment itself on their dream home is all that counts.

Speaking of payments, how do you know what you can really afford? And who do you trust to show you that critical amount?

What type of mortgage should you get, a FRM, ARM, GPM, GEM, PAM, or OOPS? (Most unwary people get an OOPS: “Uh oh, I picked the wrong one!”)

And what about saving on “points” vs. interest? Should you do that? How do you know?

And, finally, what if you have a mortgage right now? Should you refinance it? And what if you want to sell your home? How do you do that right?

Who Can You Trust on all These Questions, and More?

You can trust us. That’s because the Information Edge Mortgage Guide is about member education. It’s like our Information Edge Car Buying Guide: driven by information, not by hype. Here’s a quick run-down on the guide:

Information Edge Mortgage Guide: Rather than “You against the world,” it’s “Us against the world.” The cost of a mortgage itself is really a small part of any mortgage or home-buying experience. Dozens of people and companies are grabbing at your pocketbook, and their goal is simple: maximize their profit on you.

Credit Unions don’t operate that way. Because you own the credit union as one of its members, and because our financial stability is based on your financial stability, we want you to conserve money at every step of the home buying process. We want you to have the tools to evaluate mortgage options and make the best decision for your financial well-being and your long-term sanity. That's the purpose of the Information Edge Mortgage Guide.

Next: Shopping for a Mortgage

Information Edge links to sites provided by a variety of sources. We review sites for credibility and reliability, but Information Edge, of course, can't control advertising and other links on these sites. We advise ignoring pop-up ads, links to sales of products or services, and the like.