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Common Mortgage Mistakes to Avoid It’s no secret that getting a mortgage today has become a lot easier compared to how it was a couple of decades back. If you want to finally get your own house or you intend to refinance an existing mortgage, all you need is a good credit score to get approved for a loan. However, making mistakes is likewise as easy as getting approved for a mortgage loan. In this post, we’ll talk about some of the most common mistakes many people make when it comes to getting a loan of this type. The objective of this article is to give you a heads up on those mistakes you’re likely to make so that you end up completely avoiding them once you decide it’s high time to get a loan. 1 – Working hard to get a loan that results to bankruptcy or foreclosure.
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It’s kind of surprising really to know that some people don’t really care about getting bankrupt or having their property foreclosed. You have to understand that if you end up in either of those two situations, you will be incapable or disqualified from getting approved for any loan in the next couple of years. As a matter of fact, even late mortgage payments will appear in your credit report, which in turn will disqualify you from most lenders and banks.
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2 – Inability to lock in your mortgage rate. You never can afford to forget to lock the interest rate on your mortgage. As much as possible, you have to avoid paying for mortgage with an interest rate that’s increasing without you understanding its implications. While you do have the option to lock or float, the important thing is you fully understand both of your options. 3 – You applied for a mortgage with charge offs and collections. If you do this, there could be repercussions on your application later on. The best thing you can do is review your credit report on a regular basis to make sure there will be no unnecessary concerns before you apply for a mortgage loan. 4 – You haven’t figured out how much you really can afford. Many people make the mistake of searching for a new home to buy and quite excited about it although they are looking at prospects with a price tag they couldn’t really reach or afford. The key therefore is getting pre-approved for a loan right before you start looking for homes to buy. The pre-qualification will be your basis on clearer view of how much you really can afford. You don’t want to end up wasting tons of effort and time in finding a home and realizing you never will be able to get it. In the end, you just have to be smart enough to avoid making those mistakes so as to make the mortgage a successful investment.