TJ shares three mortgage mistakes to avoid: don't pick a loan officer without checking their background, review your closing papers carefully for interest rate and monthly payment, and skip variable-rate mortgages unless you know what you're doing. He made the wrong choice at 24 and paid for it.
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Hey, this is TJ again with Solutions by TJ and I'm so glad that you decided to join me. And I want you to look at this until the end because there's a banger for number three. I'm going to share three tips with you. If you plan on getting a mortgage to pay for your house, which, let's be honest, most people do, we don't come to closing with 100 to 200,000 plus dollars in our pocket and lay it on the table for a mortgage. Right? Okay. So this video will help most people. So be sure and share it. Now. Tip number one, go with someone that you trust or that someone that you know has used in the past and they did a great job for them. And also look at their reviews. Each loan officer or mortgage broker has a numbers associated with their name. Look them up and make sure that they don't have any scams in their background. Okay? That is very important because that's going to save you a bunch of time, heartache and money. I promise you. You want everybody on your team to be looking out for your best interest and if there's a possibility that somebody isn't, they have to go. Okay? That's step number one. Step number two. Tip number two. I'm sorry, Tip number two.
Make sure that you look at your own paperwork. If you're nervous and you need for somebody to go with you, like your mother, your boyfriend, your uncle, whoever that can look at the paperwork and has closed on a loan before, do that because it's super important that you make sure that you are getting the numbers that you expected to get. As far as your interest rate, your monthly payment and, and your mortgage term, be it 15 years, that you'll be paying a mortgage 30 years or maybe longer. I want you to be sure that you look at those numbers. That is one of the most important things that you can do while you are at closing. Because if you walk out that door after signing your name on those documents, you're stuck with it, baby. There's nothing anybody can really do for you. You have three days to rescind. But trust me, I tried that.
It's frustrating. Okay? Just don't do it. Use somebody that you trust, okay? That is very, very, very, very, very important. And look at those numbers. Number three, never ever, ever, ever, ever use a variable rate mortgage. Unless you are an advanced home buyer, you've bought several homes before and you understand the process and everything that goes with the variable rate mortgage. So I have a story of my own associated with A variable rate mortgage. I was 24 years old. Engineer had just bought my very first beautiful 5300 square foot house. Right? I paid $284,000 for it. It was awesome, awesome, awesome. I got to closing not knowing. I was scared to death. I went by myself. Didn't look at those documents.
That's, that's tip number two that I gave you that I didn't, I didn't do myself. Tip number one, I didn't use someone that I knew. I trusted what my real estate agent said and use the person that she had a relationship and that she knew. So it ended up they gave me a variable rate mortgage which never should have happened because I had a 700 plus credit score. I put 20% down on the mortgage. I thought I was doing everything right. But when I got to the table, I missed tips one and two and they gave me a variable rate. So I paid $2,700 a month. That included my insurance, taxes, everything was included that for seven years. After seven years, my mortgage jumped to $6,000 a month. Now who could afford that? So guess what? I lost my house. I couldn't afford it. And that's the thing. A variable rate mortgage will increase or decrease. Regarding the interest rate, the interest rate varies. Just don't do it, okay? Just save yourself a lot of heartache, time and money. Do not do it. I love y' all and I want y' all to be good and enjoy your house. This should be a great experience for you. It's so exciting. So make sure that you follow those tips and comment yes down below. If you are going to have a mortgage or have a mortgage and you know somebody that can use this information and those three tips that I just gave you, please share it like it below. I love y'. All. Have a great day.
