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.."
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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
better rates and terms you’re likely to get. At 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 most common reason that a sale fails to go through is that 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 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 type of mortgage you need? Or worse yet, what if you need to change loan products after you’ve started process? Working with a mortgage broker who has many investors enables you to address these issues without starting 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 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 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 likelihood of getting best rate and terms. Experts recommend that you select a mortgage broker with a number of investors and do your shopping with her/him.
