11 Deadly Mistakes When Applying for a Mortgage
"...avoid disappointment and SAVE thousands by taking a few minutes to acquaint yourself with these potential mistakes.."
Mortgage regulations have changed significantly over the last few years, making your options wider than ever. Subtle changes in the way you approach mortgage shopping, and even small differences in the way you structure your mortgage, can cost or save you literally thousands of dollars and years of expense.
Get the Right Information - Whether you are about to buy your first home, or are planning to make a move to your next home, it is critical that you be informed about the factors involved.
Everyday people have their mortgage loan turned down because of one or more of these mistakes. By taking these few minutes to acquaint yourself with the " 11 Deadly Mistakes When Applying For A Mortgage " you can save thousands on your mortgage.
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Not Knowing How Much Money You Can Put Down
It's important to know how much you can afford to pay in down payment and closing costs when you apply for your mortgage. The more you put down the better rates and terms you're likely to get. At the same time you also need to stay within your means and comfort level.
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Working With A Mortgage Broker Who Has A Poor Performance Record
Industry insiders know that the most common reason that a sale fails to go through is that the mortgage fails to go through. Ask your mortgage broker about her/his performance guarantee. -
Not Understanding The Process
Most of us don't shop for a mortgage very often. As a result it isn't something we become familiar with. Work with a mortgage broker who will take the time to answer your questions and uses terms you understand. -
Working With A Lender Who has Only One Investor
Not all lenders have a range of options when it comes to investors. What if that investor doesn't offer the type of mortgage you need? Or worse yet, what if you need to change loan products after you've started the process? Working with a mortgage broker who has many investors enables you to address these issues without starting the process over again. -
Making Large Purchases Prior to Your Mortgage Application
Many people think that it is in their best interest to get large purchases completed prior to applying for their mortgage. As total debt is a key component in determining the amount of home you qualify for it is best to wait until after your home purchase has closed to make such purchases.
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