The Five Mistakes You Want To Avoid When Getting A Home Mortgage Loan

The Five Mistakes You Want To Avoid When Getting A Home Mortgage Loan



The Five Mistakes you​ Want to​ Avoid When Getting a​ Home Mortgage Loan
Your home mortgage loan is​ the​ largest debt you​ will carry .​
Your home mortgage loan is​ also the​ highest bill you​ will pay each month .​
Avoiding mistakes when looking for a​ home mortgage loan can make you​ a​ smart and happy homeowner with more money in​ your pocket each month.
First mistake
The first mistake you​ can make is​ not looking for the​ best home mortgage loan rates you​ can find .​
There are so many lenders that want your business,​ and taking the​ time to​ find out the​ best rates is​ time well worth spent .​
When you​ find a​ competitive rate,​ you​ may find that not only do you​ save money each month,​ but just think of​ the​ savings you​ will enjoy over the​ life of​ the​ home mortgage loan.
Second mistake
A mistake many new homeowners make when searching for a​ home mortgage loan is​ not checking their credit history before applying .​
Many times there are mistakes on​ your credit report that could affect the​ rate you​ are offered,​ and taking the​ time to​ take care of​ those problems before putting in​ your application with a​ mortgage lender,​ can save you​ time and aggravation in​ the​ long run.
Third mistake
Another costly mistake you​ may make when you​ are buying a​ new home is​ spending too much money and not being able to​ handle the​ payments each month .​
Before you​ decide the​ purchase price of​ a​ home you​ can afford,​ you​ will need to​ sit down and take a​ look at​ your monthly expenses and bills to​ see what type of​ payment you​ can easily afford each month .​
Lots of​ times after you​ buy a​ new home,​ something will go wrong and you​ may have to​ pay for costly repairs .​
This can be difficult if​ you​ are carrying a​ home mortgage loan that is​ too high for you​ .​
It can also make your life miserable if​ you​ have to​ worry each month about how you​ are going to​ make the​ mortgage payment.
Fourth mistake
Before you​ are ready to​ make a​ bid on​ the​ house of​ your dreams,​ be sure you​ are pre-approved for a​ home mortgage loan .​
When a​ lender looks at​ your current financial picture,​ they can decide on​ a​ cap for your loan .​
This makes it​ easier to​ make an​ offer when you​ are ready as​ you​ will already have the​ financing set up.
Fifth mistake
Never agree to​ a​ pre-payment penalty fee .​
a​ home mortgage loan given to​ a​ borrower who has a​ poor credit rating can charge sometimes as​ much as​ thousands of​ dollars for those who pay off the​ loan in​ the​ first few years of​ owning their home .​
Many times the​ reason that people pay off a​ mortgage early is​ that you​ have found a​ more attractive interest rate that will put more money in​ your pocket each month .​
Keep this in​ mind,​ and read the​ small print before signing on​ the​ dotted line to​ ensure you​ are not agreeing to​ this practice.




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