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  • Rebecca Richardson - Mortgage Consultant

Real talk about taboo mortgage topics

Financial literacy opens so many doors. Because I believe in the power of knowledge, I want to provide you with as much info as I can about mortgages. And I’ll keep it real by dishing on a few taboo topics to help keep you informed on all things mortgage related.


Debt and Money If you or someone you know is in the homebuying mode, conversations often involve details around the home sales price or where to get a great deal on a mortgage rate. But rarely do they talk about things like the down payments and where they come from or their debt-to-income ratio and what credit scores give you the best rates.


With all my years as a mortgage lender, I find that most people talk more about debt than about the money it takes to purchase a home.


What I mean is really getting into the details of how you or a friend bought your house or how they afforded it is kind of a taboo topic. But not here. Not with me, the Mortgage Mentor.


True Cost of Homeownership The loan is closed. You’ve got the keys to your new home. You think you’re done with the biggest expense. Well, think again. While people love to talk about the joy of homeownership, they don’t often talk about the ongoing costs.


As a mortgage professional who has owned several different homes, I’m clearly pro-homeownership. I also go into each new home purchase with eyes wide open as to the real costs.


These include things like: 👉 Landscaping and yard upkeep 👉 Heating & cooling maintenance 👉 Air filters 👉 Paint, caulk and stain 👉 Gutter cleaning 👉 Trash removal 👉 Utilities and much more


The general rule of thumb is to figure 1%-4% of your home’s value for your annual home maintenance costs. Think of it as maintaining your investment.


So how do I get paid? For anyone thinking of buying a home, I bet one thing you’re wondering about is how much will it cost to get the help you need to get a mortgage. Most mortgage lenders won’t talk about this, but I will because it’s important to be transparent.


First of all, rest assured, it shouldn’t cost you a cent to start with a phone call or submit an online loan application to get some basic information.


When it comes to locking in your rate and proceeding with the mortgage, that doesn’t cost you either. Lenders usually collect for the appraisal upfront, but that fee goes to the appraiser not your mortgage loan officer.


Most mortgage loan officers are paid a percentage of the loan amount as a commission. They get paid after the mortgage loan company collects the funds for your loan and when your loan is securitized.


While these may be taboo topics for most people, here with the Mortgage Mentor, there is basically no topic off limits. You’ve got questions, we’ve got answers. Give us a follow to learn more.

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