Think you know everything about how mortgages work? What about what Realtors actually do all day? Think again!

This is the final installment in our myths and misconceptions series, and we saved some good ones for last. We already tackled buyer myths and seller myths in previous episodes, and now we are wrapping it all up with the myths that surround lenders, loans, and agents.

We are kicking things off with a story about two very different lenders and why the one sending automated text messages is actually winning. (Spoiler: it has nothing to do with buying lunch.) Then we are diving into the mortgage myths that trip up buyers AND agents, from the belief that all lenders offer the same loans to the dangers of trusting online mortgage calculators.

On the agent side? We are busting wide open the idea that we "just open doors," that we are all the same, and that getting your license means you know what you are doing. (Ha!)

Whether you are a buyer trying to understand the process or an agent who needs some backup for the next time someone questions your value, this one is for you.

Here's what we cover in this episode:

• Why not all lenders offer the same loan programs and how to find the right one for your client

• The importance of talking to a lender BEFORE you are ready to buy

• Why the interest rate is not the only thing you should be shopping

• What "par rate" means and why you need to understand fee worksheets

• The truth about pre-approval and rate locks (they do not last forever!)

• Why online mortgage calculators can be wildly inaccurate

• Do not buy furniture, a car, or anything else while waiting to close

• Can you really switch lenders mid-transaction? (Please do not.)

• Whether getting pre-approved actually hurts your credit

• Real estate agents do way more than just open doors

• The seller does not ALWAYS pay the agent's commission anymore

• Agents do not get paid by their broker (no salary, no hourly wage)

• Why getting your license is just the beginning, not the finish line

• Agents are not available 24/7 (and should not be!)

Key Quotes & Takeaways:

• "Be the voice for your people and educate them that there's rates and there's fees." Alissa

• "Anyone who knows the answers to everything immediately, you should be very leery of." Katy

• "We are not coming in to see if you can buy a house. We know you can't. We are coming in to see what three things you can do in the next 12 months to prepare." Alissa

• "However you are doing it, your client needs to understand how you are paid." Alissa

Products, People & Previous Episodes Mentioned:

• Episode 345: Buyer Myths (hustlehumblypodcast.com)

• Episode 348: Seller Myths (hustlehumblypodcast.com)

• Episode 346: Desperate Agent Do's & Don'ts (hustlehumblypodcast.com)

• Seller Net Sheet + Buyer Cost Sheet (hustlehumblypodcast.com/netsheet)

• Hustle Humbly Community

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