MoneyWise Live


Comparison Shop Mortgage Rates

April 11, 2019

People will hunt all over town for the best prices on paper towels and peanut butter. That’s great!  A penny saved is a penny earned. But why don’t we spend more time comparison shopping for the biggest purchase we’ll ever make?  We’re talking about homebuyers just taking the first mortgage interest rate that’s offered to them. It’s a mystery.  

Rob discusses these topics on comparison shopping mortgage rates:

  • Why does this happen?
  • Why do so many people grab the first interest rate that comes along?
  • Should you consider pre-approval?
    1. Don’t just look for the house you want. You also need to think about the total cost to live there.
    2. When you’re ready to buy, check out at least 5 lenders to get the best interest rate.
    3. Don’t borrow as much as you’re approved for.ext, 

Rob and Steve answer these questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:

  • If you’re 65, your husband is still working and you can live off what he makes,  have some credit card debt,  and are receiving an inheritance of about $160k from your father’s estate,  how should you invest it?
  • A caller makes the comment that his wife passed away and Walmart canceled her credit card with a balance of a few hundred dollars on it and Walmart said if money was sent in her name, they’d treat payment as a gift, because I didn’t owe anything.
  • What are the details on the rule that not more than 25% of take-home-pay should be considered for home mortgage payments?
  • If your wife has a 403(b) that you wish to roll into an IRA, is it true you can put $10,000 from the fund toward the purchase of a first home resulting in a tax exemption for that part of money?
  • If you’re 64 , widowed and have an annuity, at what point do you want to get the money out as either a lump sum or cash stream and should you continue to pay into the annuity?
  • What is a Certified Kingdom Advisor?
  • If you’re temporarily unemployed, should you tithe from your savings account?
  • If you’re daughter has a student loan around $27,000 and a car loan of $3,000, what is some simple, Godly advice to give her to help her start paying these obligations?
  • If your property taxes are paid out of escrow and you’ve petitioned your taxes to be reduced as a disabled veteran, what happens to the escrow surplus?

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