Hasan
Ali is a graduate from Edinboro University of
Pennsylvania. He has extensive experience in financial planning.
In addition to helping his clients manage their finances, Hasan
has also been the featured speaker at management seminars for
globally-recognized companies such as IBM and AT&T. Hasan’s
resume includes stints with the ING Group and Morgan Stanley.
Currently, Hasan is a Vice President at American Wealth
Management, where he helps clients with retirement planning, bonds
investments, and alternative investments.
Financial Consultant Mako
Goss graduated Cum Laude from Georgia State University with a
B.B.A. in Finance. After working with Smith Barney as a Financial
Planning Specialist, Mako is currently a Vice President at
American Wealth Management, where she helps clients protect their
assets while assisting them in reaching their financial goals.
Mako also has a background in family law and is a Certified
Divorce Financial Analyst trained in Collaborative Law..
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Not exploring all your
financing options
There are several things to consider before selecting a mortgage,
depending on your situation. For instance, first time buyers may
qualify for special financing programs from local or federal
government agencies. Many mortgage companies participate in the
programs so be sure to ask. Others may benefit from an
asset-backed loan, which would allow them to pledge assets as
collateral and hence finance 100% of the mortgage at a preferred
interest rate.
Not looking at the true cost
Even though you may get a quoted interest rate, it is to your
advantage to obtain a good faith estimate from each company who is
bidding for your mortgage. You can then compare all the different
components of what the mortgage fees will add up to. For example,
origination costs, attorney’s fees and private mortgage
insurance pricing varies. By looking at the APR (annual percentage
rate) you can get a clearer picture of your true out-of-pocket
costs.
Not seriously considering how long you will be in the home
If you only plan on being in your home five years before selling
it, you may want to consider a shorter-term mortgage and possibly
a variable interest rate to take advantage of the lower rates. On
the other hand if you envision spending the rest of your days
living in the house, you might consider a longer-term mortgage and
possibly a fixed interest rate so that you have an expense that
will not fluctuate during the life of the mortgage.
Not evaluating the difference in payment options
The difference in out-of-pocket costs between a 15-year, 20, or
even 30-year mortgage can be substantial. Be sure that you
consider the different payment scenarios because if you can afford
a shorter-term mortgage it can be worth it to make a higher
monthly payment, especially if it cuts the life of your loan in
half.
Not shopping around for mortgages
The fierce competition among mortgage companies can work to your
benefit if you take the time to shop around. Everyone from your
local bank and investment firm to online firms should be happy to
bid for your business. Just remember that not all mortgage
companies offer the same types of mortgages and the costs
associated with each company can vary by thousands of dollars.
Again, make sure to get your good faith estimate. If a company is
not willing to provide one, move on to another company.
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