There are many mistakes that home buyers make when purchasing a property. Many of which, are associated with the mortgage. Let’s take a look at the 5 biggest mistakes that are made so you can avoid making the same ones:
You absolutely need to shop around to find the lender that is offering the lowest interest rate and sensible fees. This can save you thousands of dollars, so is definitely worth the time to look around.
This is crucial and should be the first thing you do when you decide it’s time to purchase a house. Pre-approvalestablishes the amount you can borrow so you know what price range to look in. There’s no point in starting the search when you’re not sure what your range is.
Did you know that three out of four credit reports contain wrong information that can make it more difficult to be eligible for a loan? It’s best to check this before starting the process.
Avoid applying for any other type of loan/credit around the same time of the mortgage application process. You will be considered a greater risk and this might affect your eligibility for the mortgage.
Make sure you take the time to go through and read your loan documents. It is important that you understand and agree to everything in the contract. If there’s anything you don’t understand do not be afraid to ask questions!
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