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Mistakes to Avoid When Getting a Mortgage Loan Getting a mortgage has never been easier these days. 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. But then again, you need to acknowledge the fact that if it’s very easy to get approved for a mortgage loan, it also is as equally easy to make costly mistakes. 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 purpose of this post is to give you a heads up on what to avoid committing once it’s your turn to apply for a mortgage loan. 1 – Sweating it out to get a loan, only to end up filing for 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. What you don’t realize is that if you end up on either of those scenarios, it means you no longer will be able to qualify for another loan for a long period. In fact, even small infractions like late mortgage payments will surface in your credit report, which in return can be a cause for banks and lenders to disqualify you.
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2 – Failure to lock 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. Yes, it may be true that everyone has the option to lock or float, but it doesn’t deny the fact that you need to particularly understand the benefits of both options. 3 – You applied for a mortgage with charge offs and collections. There’s a good chance that your application might be put on hold on occasions like these, more particularly if there are medical collections. The easiest way to avoid this is by reviewing your credit report as frequently as possible to avoid surprises along the way. 4 – You couldn’t figure out how much you can actually afford. There have been so many instances in which people made the silly mistake of searching for prospective homes to buy, not realizing that most of those they look at have price tags they can’t really afford. Therefore, it is very important and smart to first get pre-approved for a loan before you even begin looking for homes you intend 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. So, to make sure your mortgage loan will be a successful investment, avoid making those basic mistakes we just talked about.