Mortgage Translator
Helping people make accurate, educated, and intelligent mortgage choices

I simply just couldn’t take it anymore! – Up until the point immediately before my wife and I were married and also shortly thereafter, between the two of us, we had a number of home purchases and sales. Fortunately for us, our mortgage needs were handled by one of our closest friends who did his best to clarify everything as best he could; however, during each of our purchases I couldn’t shake the scary feeling that we were taking a bit of a blind step into the unknown. Now, reflecting back on that period, I think what made me most apprehensive was that I didn’t know or couldn’t grasp a lot of what was being described to me, and I find it very hard to sign my name on the dotted line and accept responsibility for something that I don’t have full understanding (regrettably, in the case of many mortgage decisions, I believe this ignorance is commonplace). Much of this lack of understanding stems from the fast paced nature of the mortgage industry; where everything moves so quickly, and there are so many options available, that there simply isn’t enough time to grasp and understand everything that is offered. In our case we ended up placing a lot of faith in our friend in that he would guide us in making the correct decisions, and he always has. Unfortunately, not everybody has the luxury of having this type of relationship with his or her broker or lender.

This fact that one must truly be able to trust the broker or lender that they work with is the exact reason that a lot of people get into trouble if they have the unfortunate situation where they encounter dishonest lending practices. It’s when we hear of the unfortunate consequences that occur when folks get tangled up with a shady lender or broker, that many of us previous mortgage purchasers should (but usually don’t) realize how fortunate we are to have dealt with a trustworthy mortgage agent. Many of these dishonest brokers and lenders realize that most folks do not really have a firm grasp on the mortgage process and are able to take advantage of this lack of knowledge leaving many of their victims with mortgage problems and additional costs that are unrealized until it’s too late. There simply is not enough time for the average person to learn everything there is to know about the mortgage process, after all, most of the brokers and lenders that honestly know what they’re doing, and honestly do know what they are talking about, went to school to learn what they know! It’s just not realistic for the average person to understand the whole mortgage process, especially when bombarded with a whole slew of terms, conditions, and requirements, which are not completely understood. So, I read, and I researched, and I researched on line, and I asked questions…. And I learned, that when I broke the mortgage process down into “bite sized” pieces, it surprisingly really wasn’t all that complicated.

I found that one main ingredient contributing to a great deal of mortgage confusion is the common practice of how many mortgage brokers and lenders describe or offer their package of loans. Often, many lending agents will spew out a rap sheet of different sounding loans each appearing as if they have unique options when in fact many of these loans and options are very similar or only slightly different. This salvo of features can make the mortgage process very confusing. The reality of it is this: for most of us, there are only two basic types of mortgage loans: the Fixed Rate Mortgage and the Adjustable Rate Mortgage (folks over 62 are eligible for a Reverse Mortgage), that’s it, there really aren’t any more. The options that are offered with these loans are often identical with maybe only some minor changes and typically dictate how the mortgage is to be paid back. This whole process would be a great deal easier for both the mortgage provider and the mortgage purchaser (broker or lender) if the mortgage provider first explained the two mortgage types (Fixed or ARM), Then explained the mortgage options; or better yet, provide an information pamphlet describing all of the different mortgage options in detail so that the mortgage purchaser can review the mortgage types and options as they are presented. On the pages linked above, I have tried to do just that.

When I set out on my personal mortgage fact finding mission I never intended on putting together a website; it was only after becoming frustrated regarding the lack of quality information available on the web and elsewhere that this site came into being. On this website, I have attempted to break the mortgage process into bite size pieces that I hope anyone would be able to understand. In addition, in the near future I will offer a couple different Mortgage Application packages that will include: a mortgage application checklist, a few sample closing statements, common hoodwinks and shenanigans used by crooked brokers and lenders, and other important items that will help clarify the mortgage process. As you’re perusing this site just remember this: if the mortgage process confuses you, you are not alone and I aim to help clear up much of that confusion. Please, help yourself around the site; research what you need, let me know what you think, and return as often as you like. After all, this website was created with the intention of attempting to remove much of the obscurity and confusion that often surrounds the mortgage process. Please let me know how I’ve done – Contact Me.



Sincerely,

Signature


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Peter Klimen is not a mortgage expert. Other than this website, he is not involved in the mortgage business in any way or fashion. However, Jack Guttentag – “The Mortgage Professor” – is. His website, The Mortgage Professor, is great for detailed mortgage fact finding and dealing with some of the more technical mortgage questions that may arise in the mortgage process. Many of the links found on this website, especially calculators, link to pages on his website.