Getting A Second Opinion on a Mortgage Rate

A second opinion can prove to be very valuable. You should always seek out another opinion after a doctor gives you a shocking diagnosis. This applies to car repairs or air conditioning systems too. Second opinions are common in many industries and situations. Why wouldn’t you apply the same logic to your mortgage as well? While many borrowers will accept the word of a mortgage lender as law, it is always a good idea to get a second opinion on your mortgage. It’s always better to be safe than sorry, as the old saying goes.

Consumer Finance Protection Bureau reports that borrowers who do not seek a second opinion pay 0.5% more in closing expenses and have interest rates 0.375% higher. A low interest rate offer is something many people fall for. While a low interest rate is essential, it is not the only thing that matters. Fees make a big difference too.  Many lenders will entice you with a low interest rate but charge your very high fees to secure that interest rate.

When choosing a mortgage there are many other decisions and factors you need to consider. These include whether to lower the down payment to have more money, how to pay loan origination fee, and whether an adjustable or fixed rate mortgage is better for you. Your mortgage broker should raise these concerns and offer explanations or reasons why you should make one decision over the other. You should seek out a second opinion.

Why you should get your second opinion from The Richard Woodward Mortgage Team Nexa Mortgage?

I have been a lender for over 23 years and have extensive knowledge of loan programs, strategic financing options, and capital markets.  NEXA Mortgage is also the nations’ largest wholesale mortgage broker.  This massive volume allows us to get the very best rates from all of our 180+ lenders.  I pass those savings on to you, my clients, in the form or the lowest rates and fees.

Yes, rates are high now, and they will probably go up more before they go down. That is why you should buy now, when there are more homes available, you don’t have to compete with over-asking price offers, and you could possibly get seller paid closing assistance.  I will refinance you into a new lower rate mortgage when the rates come back down.  It is likely they will start to come back down when inflation is in check. But then, everyone else will be back in home shopping mode and you may have to compete again.

I work hard to ensure every client gets the very best service possible.  I have helped thousands of people buy their first home, refinance those homes, buy investment properties, and step up to their dream homes.  I have over 290 5-star Google Reviews of very happy clients.  I want to add you to my mortgage family.

Get your second opinion now with no hard pull credit check.

How can you get a second opinion during the initial shopping stage?

After completing your mortgage prequalification, you are given a 30-day period in which your credit score will be protected from any inquiries.  The countdown starts on the day the credit inquiry was initiated. This window is when you can obtain a second opinion or you can ask for a soft pull.  A soft pull does not impact your score at all but not all lenders offer this.  Make sure you ask. Waiting too long, for example, for a few months, will  negatively affect your credit score, but even then, it is only 3 points for a new pull within 90 days. It is best to see another lender to get a second opinion quickly.

A second opinion on a doctor’s recommendation or mechanic’s advice should be instinctive. The same goes for a mortgage. It is important to consider all options before you make a decision on financing your property or home.