Five Things I Wouldn't Do As a Mortgage Broker on My Own Mortgage

Josh Perez • August 7, 2024

Hi, I'm Josh Perez, and today I want to share some insights based on my experience as a mortgage broker. Navigating the mortgage process can be complex, and there are certain pitfalls I'd avoid if I were securing a mortgage for myself.



Here are five things I wouldn't do:

"Don't wait until you think you're ready, you need help getting ready. Work with an experienced mortgage professional to help you uncover what you don't know in the homeownership or investing process."

1. I Wouldn't Shape My Entire Plan on the Lowest Rate

While it might be tempting to chase the lowest interest rate, building a mortgage plan should be about more than just numbers. I’d focus on what’s important to me, like the neighborhood, price point, down payment availability, and future plans for moving, selling, or refinancing. Once I have these criteria set, I'd then find the best rate that fits within this framework.


2. I Wouldn't Rely Solely on Online Calculators

Online affordability or pre-approval calculators can be a good starting point, but they're no substitute for expert advice. I wouldn't make decisions based solely on these tools without consulting an experienced mortgage broker. They can provide a more nuanced and comprehensive analysis tailored to my unique financial situation.


3. I Wouldn't Limit Myself to One Bank

Going to just one bank and accepting their opinion, advice, and pre-approval can be limiting. Banks are one lender with one set of policies and criteria. Most bank employees might not have the extensive experience needed to deeply understand your financial picture and homeownership goals. A mortgage broker, on the other hand, works with dozens of lenders and can find options that best fit your criteria.


4. I Wouldn't Try to Time the Market

Trying to time the market for the perfect rate drop or price dip is nearly impossible, much like predicting the stock market. Instead of waiting for ideal market conditions, I would focus on changing my personal conditions. Building and refreshing a plan that works best for my situation is more practical and productive.


5. I Wouldn't Wait Until I Think I'm Ready

You don’t have to have everything figured out before seeking professional help. An experienced mortgage professional can help you uncover unknowns in the homeownership or investing process. The best advice is to start before you’re ready. They can walk you through the entire planning process, even if your goals are 12 to 18 months out. Often, people are much closer to their milestones than they initially think.


In conclusion, working with a knowledgeable mortgage broker can make a significant difference in your home-buying journey. They provide tailored advice, offer a broader range of options, and help you build a flexible and realistic plan. Don’t hesitate to seek professional guidance early on—it could bring you closer to your homeownership dreams faster than you think.

Josh Perez
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By Josh Perez April 30, 2025
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