11 Deadly Mistakes When Applying for a Mortgage
by Scot Krueger
11 Deadly Mistakes When Applying for a Mortgage
--------------------------------------------------------------------------------
"...avoid disappointment and SAVE thousands by taking a few minutes to acquaint yourself with these potential mistakes.."
--------------------------------------------------------------------------------
Not Knowing How Much Money You Can Put Down
It’s important to know how much you can afford to pay in down payment and closing costs when you apply for your mortgage. The more you put down the better rates and terms you’re likely to get. At the same time you also need to stay within your means and comfort level.
Working With A Mortgage Broker Who Has A Poor Performance Record
Industry insiders know that the most common reason that a sale fails to go through is that the mortgage fails to go through. Ask your mortgage broker about her/his performance guarantee.
Not Understanding The Process
Most of us don’t shop for a mortgage very often. As a result it isn’t something we become familiar with. Work with a mortgage broker who will take the time to answer your questions and uses terms you understand.
Working With A Lender Who has Only One Investor
Not all lenders have a range of options when it comes to investors. What if that investor doesn’t offer the type of mortgage you need? Or worse yet, what if you need to change loan products after you’ve started the process? Working with a mortgage broker who has many investors enables you to address these issues without starting the process over again.
Making Large Purchases Prior to Your Mortgage Application
Many people think that it is in their best interest to get large purchases completed prior to applying for their mortgage. As total debt is a key component in determining the amount of home you qualify for it is best to wait until after your home purchase has closed to make such purchases.
Over Shopping Your Loan
Each time you call a lender seeking the best possible rate and terms you have your credit report pulled. Every time your credit report is pulled you risk decreasing your credit score and thus possibly decreasing the likelihood of getting the best rate and terms. Experts recommend that you select a mortgage broker with a number of investors and do your shopping with her/him.
Hiding Things From Your Mortgage Broker
Most of us have experienced times of financial difficulty at some point. While it can be embarrassing to discuss issues like this, your mortgage broker is there to help you get loan approved despite such issues. Your mortgage broker can only help you with those things with which s/he is aware.
Making Late Payments
Late payments, especially those within the last year, can be very detrimental to getting the best rate, terms and even the difference of being approved at all. While this might seem like unnecessary advice, ALWAYS pay on time.
Over Using Credit Cards
Credit cards are a convenient way to make purchases, but if not paid off or balances kept low you might find it more difficult to get the best rates and terms on your mortgage. Keeping your total debt as low as possible helps you get the mortgage that best meets your specific needs.
Cosigning On Someone Else’s Loan
While it can be a great service to a friend or loved one, signing to guarantee someone else’s loan is often a big head ache for the cosigner. Before cosigning you decide if you’re willing and/or able to assume the liability.
Not Getting All The Facts
It is important to learn the total cost of your mortgage loan, both at closing and for the life of the loan. While mortgages can look a lot alike there can be subtle differences which can save or cost you thousands of dollars. Get all the facts and know what to expect.
--------------------------------------------------------------------------------
Mortgage regulations have changed significantly over the last few years, making your options wider than ever. Subtle changes in the way you approach mortgage shopping, and even small differences in the way you structure your mortgage, can cost or save you literally thousands of dollars and years of expense.
Get the Right Information - Whether you are about to buy your first home, or are planning to make a move to your next home, it is critical that you be informed about the factors involved.
Everyday people have their mortgage loan turned down because of one or more of these mistakes. By taking these few minutes to acquaint yourself with the "11 Deadly Mistakes When Applying For A Mortgage" you can save thousands on your mortgage.
About the Author
Mortgage professional for the past 5 years. Helping people find the right mortgage for their individual needs. Specializing in Zero Down purchases thru out the United States
Join the Free Ez Credit Bulletin and get Free Money-Making Gifts!
At EzCreditAZ.com we can help you get credit, cash fast, a payday advance, debt relief and more. But, that's not all. Even more importantly, we want you to transform your bills into cash and start building a future where money issues will no longer be a worry! To get to that point please join our Ez Credit Bulletin. It will give you the tips, tricks and secrets you need to become wealthy and leave your debt worries behind!
Debt help and the need for some fast cash in whatever form - a payday loan, a consolidation loan, a home equity loan, or whatever - is often welcome relief. We can show you where to go to get the best deals and maybe save you some time and aggravation.
Just for joining you'll also receive some special money-making bill busting bonuses including Money Without Leaving Home and Get a Job Fast some nice ebooks.
Once you've signed up please check out the cash advance, credit repair, and loan consolidation companies we do business with. They are solid and secure and you can get paid money very quickly.
While here you'll also discover a variety of credit repair, debt help and wealth building tools and secrets that you can begin using today to push toward financial freedom.
Privacy Policy: Rest assured your email address will never be given out, rented or sold for any reason. We value your privacy. Should you ever wish to do so you can unsubscribe with one quick click in any email we send you.
Yahoo! News Search Results for credit
Yahoo! News Search Results for credit
Credit Suisse Sees Investment-Banking Profit Margins Narrowing, B-Z Says
Credit Suisse Group AG sees investment-banking profit margins narrowing because of increased regulation, Boersen-Zeitung said, citing Martin Korbmacher , the groups head of investment banking in Germany and Austria.
Credit investors see bargains in European banks
Credit investors see opportunities among Europe s banks, which offer attractive long-term plays versus other asset classes despite doubts over the rigour of stress tests on the sector.
Credit card transactions $19.6b in May
Credit and charge card transactions totalled $19.631 billion in May.
Credit Suisse hit by sovereign debt fear
Credit Suisse has reported a 1 per cent rise in second quarter net income to around $1.7 billion.
Credit for business eases in Wichita
Credit remains tight in the national commercial real estate market, officials told a U.S. House panel.
Newsfeed display by CaRP
Home |
Resources |
Articles |
Wealth Secrets |
Big Money |
Ez Credit Bulletin |
Contact
copyright 2006 EzCreditAz.com
