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Mortgage Mistakes You Want to Avoid

By
Mortgage and Lending with Success Mortgage Partners, Inc. NMLS #130562 229758

       Buying your dream home (especially if it's your first) has to be one of the most important, if not THE most important part of any person's "decision-making" life. And in order for you to do that, you may need to get a mortgage.

The mortgage process is more than just signing contracts and shaking hands. It's more than just that. Here are some Mortgage Mistakes You Want to Avoid to help you through the process.

 

Not checking your credit before even starting the process

Some people approach mortgage professionals without having any idea of their past unresovled credit. Mortgage lenders check through credit reports in detail and decide what rates to give or if it's qualified to be approved at all. So check your credit score first, this could mean between getting a loan which let's you own the home of your dreams and getting rejected.

Simultaneously applying for new credit

When applying for a new credit card, your credit score will temporarily dip. And in the mortgage process, your credit score is under scrutiny. Make sure you hold off on making too much credit. Just keep doing what you usually do and make sure you're paying on time.

Choosing loans that are too big

It may seem hard to find the right loan package. But buying a home takes a lot of expenses you need to consider (e.i. Property taxes and homeowners insurance). Make you're not biting off more than you could chew. Mortgage Mistakes You Want to Avoid

Signing documents you don't understand

Like any other documents that needs your signature, you should be able to be fully confident and knowledgable about what you're signing. Don't be afraid to ask questions and show your concerns until you're satisfied.

So here are some of the few Mortgage Mistakes You Want to Avoid and what you should do to prevent it from happening to you. Learn more about the mortgage process by giving us a call or messaging us with the contact information located below. We'll be glad to respond to your inquiries.

Comments (1)

Rosie Crow
Serving Sugar Land, Richmond, Rosenberg, Missouri City - Sugar Land, TX
Exceeding Expectations. Delivering Results

Excellent advice!  I read another post where some buyers just want to sign the mortgage docs without having a lender explain what they are signing. Shame on them!

Dec 19, 2013 01:18 PM