When it comes to something as important and expensive as your home, it is in your best interest to avoid any potential mistakes.
Buying a home is one of the biggest decisions you will make in your entire life, and it is also the largest investment you will make. With something this important, a simple mistake may prove to be extremely costly. Getting a mortgage is more than just getting approved and signing on the many dotted lines that freckle mortgage contracts. So whether this is your first or your eleventh home, here are the most common mortgage mistakes you need avoid when it comes to buying a new home.
- Not checking your credit before applying.
Not checking your credit before you see a lender is not unlike going to a job interview for a position for which you know nothing about. Lenders comb through your credit and make decisions based on how creditworthy you appear to be. Saying you don’t know anything about your credit can be the nail in the coffin you don’t want.
- Skipping the pre-approval process.
The pre-approval process essentially approves you for a home within a certain price range without actually selecting a home. During this process, you will go through all the tedious paperwork with a lender and get an idea of what types of homes you should be looking into.
- Signing loan documents you don’t fully understand.
Even if there’s one legal word you do not understand, you should not sign any document. That word may seem harmless but could put you into a heap of trouble. Your agent needs to be able to tell you every little nuance about the contract before you sign it.
Your mortgage process needs to be error-free. Contact Dean Rathbun when it comes time to finding the perfect plan of action to buy your home. We are happy to help you!