As Realtors we might have the tendency to have our clients decide on the loan product they choose and rightfully so. However, for buyers it might be wise to discuss the loan product you choose with your Realtor, even if it’s only for some feedback.
Today’s Realtor Magazine online mentions a survey conducted for the AFL-CIO labor union, it brought out that borrowers are unprepared for the burden of higher mortgage payments. One in five borrowers don’t know their current loan rate, and 25 percent don’t know when their lender will raise the rate.
With so many different loan products out there, besides educating oneself on the loan products, it might be wise to first of all, work with a reputable lender and second of all, talk to your Realtor for feedback on the loan product. He or she might have some good suggestion to consider, just to make sure. Also, something is wrong if you cannot explain your loan to your Realtor.
Mirjam
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