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Mortgage Mistakes You Don’t Want To Make

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Mortgage and Lending with and for 1st Time Buyers, Move Up Buyers & Investors 207897nmls# DOC#207897

Mortgage Mistakes You Don’t  Want To Make

 

 

 

 

Whatever You Do, Don't Make These Common Mortgage MistakesAre you applying for a mortgage on your home? Keep in mind that a mortgage is a major financial decision and choosing one will have a significant impact on the rest of your life.

 

Many people go into this decision without understanding all of the essential mortgage information they need to know, which means that they are likely to make poor choices that will result in paying much more than they need to.

 

If you want to save yourself from throwing away your hard earned money, here are a few common mistakes to avoid:

 

Trying To Bottom Out the Market

 

Many people will wait too long to make a decision to lock in their mortgage rate, trying to wait until they think that the rates have hit bottom. However, unfortunately most of the time this leads them to wait too long and end up with a higher interest rate.

 

If you are waiting things out, keep a very close eye on the economic indicators. Your daily newspaper will be a good source of information about the fluctuations of interest rates.

 

Forgetting About Closing Costs

 

In addition to saving up a down payment for your mortgage, don’t forget to factor in the closing costs. These can range from two percent all the way up to six percent of the value of your home. Make sure that you have budgeted for this in advance, so that these fees don’t catch you by surprise.

 

Not Considering All Loan Options

 

There are many people out there who haven’t considered certain loan products, such as an adjustable rate mortgage, because they just don’t understand how they work.

 

However, if you do this you might be missing out on an option that would really work well for you. Make sure you do your research and gain an understanding of the loan options available to you.

 

Looking At Just The Mortgage Rate

 

Remember that the mortgage interest rate is only one factor that you should consider when choosing a mortgage. Don’t forget to also consider the time frame of the mortgage, the restrictions on lump sum payments and any other important factors.

 

These are just a few of the common mistakes people make when choosing a mortgage, so make sure to avoid falling into these traps yourself.

 

For more information about home buying and mortgages, you can call your trusted mortgage professional at The Mark Taylor Team.  We can be reached by phone at 602.361.0707 or by email at mark@awesomerates.com

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Mortgage Mistakes You Don’t  Want To Make

#marktaylor #awesomerates #arizonamortgage

 

 

Comments (4)

Michael Frank
American United Mortgage Corp. - Sandy Springs, GA

I liked this post except you left one thing out - don't forget about the *service*. I get lots of loans from people who weren't getting good service from someone else and many times, that bad service cost them money and time.

May 14, 2014 07:58 AM
Art Welch
Superstars Realty - Buckeye, AZ
Broker

Mark we all know you never forget about service, thanks for taking care of my last 2 buyers that were with another "crappy" lender and you saved the day.  Awesome Rates you should get the website SavedTheDay or SaveYourDeal or When All Else Fails Call Mark!!  or how about Trust Your Realtor When He Tells You To Use Awesome Rates .com??? 

May 15, 2014 12:02 AM
Paul Collier
Patriot Home Mortgage - Huntington Beach, CA
Paul Collier

Love articles like these to refer my clients to!

May 15, 2014 05:27 AM
Mark Taylor Mortgages
and for 1st Time Buyers, Move Up Buyers & Investors - Scottsdale, AZ
602-361-0707 #MarkTaylor #Awesomerates NMLS#207897

Michael you are right, excellent customer service is of utmost importance to my team just as it is to yours.  We work very hard to make our clients and agent partners extremely satisfied.  Art, thanks for the great endorsement.  So glad that you are happy with our service.  Have a safe and wonderful weekend! 

May 23, 2014 01:47 AM