Don't Make These Top 3 Major Mortgage Mistakes
Unless you're part of the 4.6% of Americans who call themselves millionaires, it's most likely you'll need to apply for a home loan at some point in your lifetime. But the truth is, many of us have never been educated on the do's and don'ts of attaining and maintaining a mortgage. Which is why I want to shed some light on some of the most common mistakes people make when applying for a home loan - and how to avoid them.
Follow along with me to discover 3 Major Mortgage Mistakes and How to Avoid Them:
1. Being Blissfully Unaware of Your Credit Score
Credit cards changed the world, the economy, and how we treat money. Although they've provided a great deal of convenience to consumers, they've also stirred up a lot of financial problems for many. Without properly using a credit card, you can accumulate uncanny amounts of debt and run into a lot of problems when it comes to attaining a home loan. My advice here is to be careful when charging your credit card, and use it wisely. When you do add a large expense to your credit card, do you best to pay the debt off as soon as possible. Also, check your credit score often. It's free through certain websites, so there's really no excuse. If you chose to be blissfully unaware of your credit score, it may result in a higher mortgage rate or denial of a loan all together.
2. Not Doing Your Research
There are many different types of loans so it's important to see what you can qualify for. If you've served our country via the National Guard, active duty, etc., it's highly likely you can qualify for a VA loan. VA loans are a great help to the many men and women who have served our country by providing tax benefits, interest rate reduction, and more. Without proper research to find the best loan, you can easily miss out on special benefits.
3. Making Big Purchases During Your Loan Application
Please please, do everything in your power to avoid racking up purchases on your credit card, especially when applying for your loan. It's a huge red flag and a surefire way to make the approval process slow down, and in most cases, come to a complete hault.
I hope these mortgage tips were helpful! Are you still looking for a professional loan officer to help you? Fill out this loan pre-qualification form and we'll set you up with an excellent lender to help you accomplish your financial and real estate goals.
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