business with loans and mortgages. Your job will be taking the time you need to research and shop for loans and the best deal you can find that fits your situation (in this case, downsizing into a certain type of home). It’s important to check out several financing options and then comparing them to find out what’s affordable and reasonable for down the road. Please note that this process can sometimes be a bit tricky and time-consuming, since mortgage rates often change frequently, so navigate this process carefully to find the right rate at the right time and then lock it in to get the best deal. Another piece to keep in mind is that just because you receive approval for financing does not mean you have to take it. It might not be the best deal for you. Banks and other lending agencies don’t necessarily have your best interests at heart. Some lenders “trick” buyers into thinking they can afford more than they really can, and then offer a loan that can’t be paid back. What a lender claims you can afford and what you actually can afford aren’t necessarily the same thing.
HIRE A PROFESSIONAL
If the idea of home loan shopping seems overwhelming and complicated, don’t worry — you don’t have to go it alone. I strongly recommend that you hire a mortgage professional (or mortgage broker). This is not your buyer’s agent, although you can use your agent (as well as colleagues, neighbors, friends, and family members) for recommendations to qualified mortgage professionals in your area. You might assume that banks — and perhaps the specific bank that you’ve personally used for decades — is the best option, and it can be, since banks can often be more flexible, but they are known for having fewer mortgage options. However, in working with a
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