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The Hood Magazine

Don't Be Tricked When Getting a Home Loan

Oct 25, 2021 01:30PM ● By Dawn Van Nieuwenhuyzen – Senior Mortgage Banker
By: Dawn Van Nieuwenhuyzen, Plains Commerce Bank Senior Mortgage Banker

When getting a home loan, you need to know the facts. If you don’t understand the details, you 
can feel like there is more trick than treat to the process.

Keep these three factors in mind as you go through the process: 

1) Interest rate: Be sure you know what you’re getting with your interest rate. Are you 
paying extra to get the rate down or taking a higher rate to have less fees? If you don’t 
think you’re going to be in your home long term, then taking a higher rate with less fees 
can be an attractive and often not presented option. 

2) Closing costs: Make sure to find out what your exact costs are and the best strategy to 
cover them. In the case of a refinance, your costs can be included in your loan amount, 
while a purchase may have your bringing money to the table. 

3) Escrow: Keep an eye on your escrow account. Your escrow is like a savings account. 
Every time you make a payment, money is put into the escrow account. From the 
account, mortgage insurance, homeowner’s insurance, and property tax payments are 
made for you.

Remember, ask questions so you know exactly what you are getting and what the terms mean.
When you’re getting a home loan, the goal is no tricks, all treats!


All credit and loan products are subject to credit approval. Loan programs subject to 
qualification. Plains Commerce Bank NMLS #463950
Dawn Van Nieuwenhuyzen – Senior Mortgage Banker – NMLS #21096