How to Shop for Mortgage & Programs

Most people who decide to buy a home, especially first time home buyers, don't really think about shopping around for a mortgage. Just like most other products or services you buy, shopping for a mortgage is beneficial if you know how to go about it correctly. There are some considerations that need to be made, so here are a few tips to keep in mind when you are planning to shop.

Most people don't even think about getting comparisons on mortgages. Getting a comparison between a couple lenders will help you decide if you are making the right decision. Keep in mind, when choosing a lender, you are choosing their terms, rates and conditions for the life of the mortgage. That is why it is beneficial to ensure you are getting the best deal now. BUT, don't go crazy with the comparisons. Research banks ahead of time, then choose the top two lenders that seem to be the best in terms, conditions and rates. Don't forget to check out feedback from lender sites and other sites and blogs as well. Then get good faith estimates and pre-qualified to determine how much you can afford in a home. Don't have your credit run more than two or three times, it could effect your score.

USAA members often are so dedicated to their bank, they don't think twice and go straight to the Movers Advantage program. Not only does USAA have great banking and insurance services, but they paint a really good picture of their mortgage program. But just like any other major purchase you want to make sure to read the fine print, get feedback, understand the process fully and ask questions. Ask about the money! Home buyer incentives are one major reason for choosing a lender. Ask what the fees are, when you get the money, how you get the money, and what the costs are associated with using their program. If you are pressured into something, have a difficult time getting the answers you want or feeling bullied into using someones services or products, that is a red flag. Think twice about giving in. Get a quote and compare to local lenders in the area you wish to buy a home. They are often very competitive, are there in person and at closing just in case.

Make sure you get the cash incentive at closing and that it is guaranteed in writing.  Understand the limitations and restrictions of the mortgage program. With the USAA Movers Advantage program, there are many people who have not got their home purchase incentive money at the time of closing, they can't choose their own Real Estate agent, and don't get the help they need when they need it. You are using third party providers chosen by someone else, who may not have your best interest in mind when choosing the Movers Advantage program. It's easy for them to set everything up for you, but you have to wonder if it is in your best interest. When everything is done behind the computer screen, it's difficult to see who is really benefiting.

Take control of your finances and your future. Know the details, know your agent, know your costs, fees and requirements before committing to a 30 year mortgage. You have to make sure those helping you are working for YOU. You wouldn't walk into a car dealership and put your new car purchase in the hands of the sales person without being informed or in control. If you did, who knows what you would pay for the car, what that car salesman did with your information, what terms he threw in the deal when you weren't looking and how bad you really got ripped off. Just because a company has wonderful service, great products, and your best interest in mind, doesn't mean that they don't have a black sheep among them. A little effort on your part to get informed, can pay off in your future.

A Closer Look at the Movers Advantage Program

There is no better service, in any industry, than the service you get from USAA for banking and insurance. USAA has created a loyal following with their customers by providing exceptional customer service and benefits with their online banking system. It is unfortunate that their Movers Advantage Program deviates from the high level service USAA is known for. I fear that the USAA image and reputation is being tainted by the USAA Movers Advantage Program.

The USAA Movers Advantage Program is using the "golden" reputation of USAA to acquire member participation in an otherwise bleak program. As some members have already seen, there is a dark side to the otherwise pure USAA. It is my hope that members see the truth about the Movers Advantage Program and make an educated choice in deciding whether or not to participate. If potential home buyers choose not to participate, there might be a chance of this bad apple not spoiling the whole bunch.

This blog is dedicated to exploring the positive and negative of this program. The Movers Advantage Program could be a good program, if USAA made some drastic changes that would align with their banking and insurance service of providing exceptional customer service with a high level of integrity.