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11 Deadly Mistakes When Applying for a Mortgage
11 Deadly Mistakes When Applying for a Mortgage
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"...avoid disappointment and SAVE thousands by taking a few minutes to acquaint yourself with these potential mistakes.."
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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.
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.
What Is A Repayment Mortgage?A repayment mortgage is the type of mortgage that most people think about. The idea behind a repayment mortgage .....
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.
Over Shopping Your Loan
Each time you call a lender seeking the best possible rate and terms you have your credit report pulled. Every time your credit report is pulled you risk decreasing your credit score and thus possibly decreasing the likelihood of getting the best rate and terms. Experts recommend that you select a mortgage broker with a number of investors and do your shopping with her/him.
Hiding Things From Your Mortgage Broker
8 Tips For Paying BillsBills, bills, bills - does the mailman deliver anything else' What am I going to do' Maybe you really do want to pay your bills but just ..... Most of us have experienced times of financial difficulty at some point. While it can be embarrassing to discuss issues like this, your mortgage broker is there to help you get loan approved despite such issues. Your mortgage broker can only help you with those things with which s/he is aware.
Making Late Payments
Late payments, especially those within the last year, can be very detrimental to getting the best rate, terms and even the difference of being approved at all. While this might seem like unnecessary advice, ......
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