Many people make mistakes when applying for their first mortgage. These mistakes can drag out the process or even get in the way of securing the best type of loan for you. Here are the top 3 most common mistakes to be aware of:
1. Not finding the right loan officer All loan officers are not created equally. Make sure you find one you feel comfortable working with, because if you do not have a good relationship with your loan officer, this will lead to major problems throughout the entirety of the loan process.
2. Overestimating the amount of available funds in your bank account(s) Make sure you double-check the funds available in all your bank accounts prior to listing them as inaccurate numbers will delay the loan process. In fact, be sure to double-check all of your information since any inaccuracies could halt the entire process.
3. Taking on too much mortgage Do a full and honest assessment of your expenses. What appears on paper may not accurately reflect additional expenses that you weren’t required to list or that otherwise slipped your mind. Be sure to accurately budget for all additional expenses, and set aside extra each month for savings. If you regularly find that you’re forced to choose between paying additional expenses and your mortgage payment, then you are trying to take on too much mortgage. Reassess your financial situation as soon as possible to find a more adequate solution. Beyond the top three mistakes discussed here, keep in mind that you should do all you can to be certain of each step you’ll need to take in the mortgage process. Take your time to research and rely on the advice and guidance of your loan officer. As long as you do so, you’ll be in great shape to start the mortgage process and purchase the home of your dreams.
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