Is Your House Still Mortgaged?

The world has changed since we were 20-something. We went to our local bank, took out a mortgage, and had it paid of in 25 years, by the time we were 50. Now, I am 45 and still have half my mortgage to pay off.

Not only that, I am navigating the new mortgage broker world. We saved hundreds of dollars a year by using a broker. Very few people walk into a bank as their 'first stop' when looking for mortgages it is too expensive.

However, it can be tricky. Anyone can become a mortgage broker with about 8 weeks training. That is why it is important to go with a well known broker who has been in business for years. A good broker will find a cheap mortgage by a reputable lender who will not 'resell it.' An amateur will type your info into a computer and sell you the cheapest thing on the list, without doing the proper research.

Using a broker is not dangerous, or unsafe, it is just a different method of buying a mortgage then we are accustomed to. Never be afraid of trying something new, just make sure that you ‘play safe.’ The banks don’t own the lending world anymore. Now there are so many ‘legit’ companies than lend, and lend to banks, which will lend to you cheaper. Take the time to research.