Stock photo of a young couple getting meeting with a mortgage loan officer.

Choosing the right mortgage

Getting the right mortgage is just as important as buying the right home.

Today everyone wants “fast and easy”. When it comes to getting a home loan, most people would prefer to go to a drive up window, “I’ll take a Big Mac, a Happy Meal and a 30-year mortgage to go please.”

Let me take you back to an earlier time (this is when my Grandkids say “Oh no Grandpa, not another story!” but stay with me, I promise it will be worth it).

When our language was being formed, they (whoever “they” are) created the word mortgage to describe getting a home loan. The word, like many of our words, is a combination of two Latin words - mort, which means death, and gage, which means pledge. The word mortgage literally means “death pledge”.

The reason for this? Back then people had much shorter life spans and the thought of making a pledge to pay back a 30-year loan was likely to continue until your death. Today people live much longer, but getting the wrong mortgage could still result in feeling like you’ve made a financial “death pledge”.

Think about this for a moment. If you were to drive into a new subdivision, chances are you would see five homes that are basically identical. They all sold for the same price and have the same floorplan. But what may surprise you is they could each have completely different mortgage loans VA, FHA, USDA, Conventional or ARM loans. This is because the people who live inside those homes are different. Even though the houses are the same, they each got the perfect mortgage loan for them.

At Great Western Bank, we are “fast and easy” when it comes to making an online application. But when it comes to finding the right mortgage product for you, we blow the whistle and take a time out. We listen to you, understand your unique situation, and recommend the mortgage we believe is the best option for you. Sometimes it may be more than one option and we will take the time to give you the pros and cons of each. Once you decide which loan to take, its full speed ahead to your pre-approval.

A word of caution to first time homebuyers, many other online mortgage lenders are not certified to offer you the various First Home products that are unique in your state. At Great Western Bank, we understand and are trained to offer these mortgages in any of the states we operate in.

So remember, we are online, and we are fast and easy, but we also take the time to listen and understand your situation. No financial “death pledges” allowed.

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