How To Avoid Unpleasant Surprises When Getting a Mortgage

Written by Posted On Monday, 10 May 2021 00:00

“A lot of my work is a matter of reacting to surprises in life.” Alexander Wang

What will the jobs report bring us? If the job market is strong, we may see the bond market yield go up, taking pricing on mortgage rates with it.  If you are thinking about refinancing your mortgage to lower your interest rate, lower your payment, shorten your term or pull cash out to accomplish another project, don’t wait too late and get a negative surprise. 

As we say on the radio show Real Estate Mortgage Shoppe, “Make your plan. Work your plan. If the deal works for you today, let’s do it today.” 

Corelogic HPI reports the highest month-over-month gain we have seen with an 11.3% national rate of appreciation during the month. Corelogic anticipates our 2021 spring housing market will outpace trends we saw in 2019 and 2018.   Millennials make up 54% of home purchase applications over the last year.    The lack of homes available for sale erodes affordability and the costs of new construction.    Catching mortgage rates while they are so low is very important in keeping your mortgage affordable.  

Here are some things to do to avoid unpleasant surprises when you are getting a mortgage:

1. Don’t open new accounts or borrow money during your mortgage process. Mortgage companies check before you close on your loan to make sure you haven’t opened new accounts or borrowed more money from existing accounts.  Don’t cosign for someone else while you are in the mortgage process. 

2. Don’t move money around from one account to another account without checking first with your lender.  

3. Don’t change jobs. Don’t change how you are paid. Don’t convert from the employee status when you get a W2 over to a 1099 subcontractor status. 

4. Double-check with your mortgage officer and your closing attorney for the correct way to wire your funds to closing.  Call the telephone numbers on your home purchase contract to reach your lender and title company, and don’t rely on contact info emailed to you. Avoid wire fraud by taking extraordinary care with where you wire your real estate closing funds.

5. Don’t make changes to the title on your real estate during the loan process before checking first with your lender and the closing attorney.

As a real estate professional or a mortgage professional, you can set up your own “Tips For A Smooth Mortgage and Closing Process” to give to your customers.  You can deliver this to your client in written form or using a short video. Our clients appreciate an overview of the process before they get started. They appreciate these tips that will save them time, money and prevent unpleasant surprises.

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Jo Garner

“Whatever YOUR personal priorities are, my job is to help you get the mortgage terms that will give you bragging rights when you talk about it and help you score on hitting your goals.”

As a mortgage loan officer, my job is to help you get to the benefits you want from your financing terms. What is most important to you? I can help you find the financing terms that will help you get to what you want.  What is your comfort level on a house payment? How much are you comfortable paying down,? What type of financing do you need to get the house you want to buy or refinance?

Different clients have different priorities in life—some are buying their first home with very little down payment funds. Some are recovering from medical challenges, divorces or preparing to send children to college and some are embarking on a long term goal of buying properties to build rental income.”

Jo Garner is a mortgage officer with extensive knowledge in tailoring mortgages to her customers who are refinancing or purchasing homes all over the country. She offers conventional, FHA, VA or other loan programs for refinancing and purchases.

Jo can help you look at rent vs buy, when it makes sense to refinance, how to get the best deal on your home purchase financing.  

Jo Garner has been in the real estate/financing business for over 25 years.  She got her start in Portland, Maine where she first began her real estate career. She received her real estate education from the University of Southern Maine and was personally mentored in San Diego, California by Robert G. Allen, author of Nothing Down, Creating Wealth and The Challenge

On moving back to West Tennessee in 1987, she went into business buying and selling discounted owner-financed notes secured on real estate.  In 1990 Jo went to work for a residential mortgage company and has been a mortgage loan officer for over 25 years.  Her goal is to offer excellent, affordable service to her customers, tailoring the loan programs to the specific needs of her clients.  

In addition to her work in the mortgage field, Jo Garner is the primary sponsor and founder of Talk Shoppe in Memphis. Jo Garner also host the radio show Real Estate Mortgage Shoppe airing on News Radio AM 600 WREC and iHeart Radio with podcasts and show notes published on

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